The foreclosure proceedings will seem extremely complicated to a person who has no knowledge of this field of law. On the other hand, you will lose the opportunity to save your property if you do not retain the service of a Missouri City foreclosure lawyer on time. Therefore, it is essential to consult with a foreclosure attorney as soon as possible after being served with the foreclosure notice. You have to know how to and what type of documents to file with the court if you want to fight the foreclosure. You also have to know about the rules of evidence if you want to fight the foreclosure. Therefore, fighting foreclosure is difficult for someone with no legal knowledge and it is prudent to retain the service of an expert lawyer.
An experienced Missouri City foreclosure lawyer knows the rules and can navigate through the legal proceedings without making any mistake. An attorney can also advise you on how to save your property. For example, an attorney may save a property from being foreclosed through loan modification or by working out any other ‘loss mitigation’ option. An attorney will represent you at the court as well as during the meetings with the lenders.
An experienced Missouri City foreclosure lawyer will try to modify the original terms of the loan through modification. A lender has to sign a document that mentions the terms of the loan before receiving the borrowed money. A lawyer will negotiate with the lender to modify the terms of loan. In this scenario, an agreement is signed between a lender and a borrower enabling a borrower to settle the outstanding debt based upon the altered terms. You may have to pay back the loaned amount at a reduced interest rate or may have an extended amortization term due to loan modification. An attorney will examine the document of modified loan agreement to save a client from any type of fraudulence.
A Missouri City foreclosure lawyer has to ensure that a client is not being charged unlawfully. For example, a lender may ask for additional fees on top of the total balance when modifying the terms of loan agreement. An attorney will prevent a lender from collecting any illegal fee from a borrower and will make sure that a lender follows the guidelines of ‘Federal law’ when processing the applications for loan modification. Your lawyer will review the conditions of modified agreement to ensure that they are in your best interest.
An experienced Missouri City foreclosure lawyer will find out if any loss mitigation option is available to a debtor. For example, you may qualify for the ‘partial claim’. This is a special type of loan which brings a borrower current on the payments. A lender may not inform a borrower about this option. However, an attorney can find out if this option is available to you. To read more Click Here
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