Should we get a Lawyer if we are Going into Foreclosure?

Should we get a lawyer is we are going into forclosure?

1 Answer

This is unfortunately only a question that you can answer. Legal advice in a trying time never hurts. However, it is good to identify your anticipated outcomes, because it may be money spent that could have been better applied elsewhere. Laws and procedure also vary greatly by state, so it is important to get LOCAL advice.

Do you have any question as to why you are being foreclosed? Do you truly believe that the lender is wrong in anyway? If so, you should get a professional opinion of some kind - probably a real estate attorney.

Do you believe that you qualified for any modification program or other such assistance that would have saved your home? If so, get an opinion from a professional mortgage person, at minimum.

Do you actually WANT to save the home, or are you quite sure that you can't handle it anymore? If you have come to the unfortunate realization that you simply cannot in any way afford your mortgage and must surrender the home, then you must clearly identify what you think an attorney could do for you . . . I'm not sure he or she would be much help?

Are you considering bankruptcy? If so, consult with a bankruptcy attorney to see about your options and timeline.

Are you going to be homeless once the bank takes the home? It might be helpful to contact the LENDER and work out some sort of equitable way to move on a timeline that works for you, rather than just let it happen.

(Actually,  CONTACTING THE LENDER OR SERVICER is always a good idea . . . the lender can be helpful by perhaps giving you first and last to secure an apartment, perhaps postponing a few weeks to give you a chance to move your things, etc . . . but they will not consider these things unless there is an open line of communication - they will simply foreclose and evict. Wouldn't it be better if they considered giving you the money instead of their lawyers? They are going to spend it one way or the other.)

The only way to determine what (if any) professional help is worth it is to define what YOU hope will happen next - and then to find the exact person that can use their specialized professional experience to determine if and how that goal becomes realistic.

Sorry and best of luck!