Can an attorney really help with foreclosure?
I am in foreclosure status. I called my mortgage company and they don’t seem as if they want to help. I really need a remortgage, a lower rate FRM, so that I can afford to stay. Unfortunately, my credit is bad so I am unable to get a refinance loan with a bank. I have been told that an attorney will just be a waste of money and only delay the foreclosure.
An attorney may be able to help in a couple of ways.
If you declare bankruptcy, this can stall the foreclosure. It may also make many of your other debts go away. If your other debts go away, could you afford the house?
Bankruptcy may get you out of having to pay the bank the rest of what you owe them after the house is foreclosed on.
Foreclosure is complicated. In the unlikely event the bank screwed up somehow, an attorney could stop the foreclosure.
An attorney is unlikely to be able to lower your interest rates. If you can’t afford the house, you can’t afford the house.
March 15th, 2010 at 11:47 am
An attorney may be able to help in a couple of ways.
If you declare bankruptcy, this can stall the foreclosure. It may also make many of your other debts go away. If your other debts go away, could you afford the house?
Bankruptcy may get you out of having to pay the bank the rest of what you owe them after the house is foreclosed on.
Foreclosure is complicated. In the unlikely event the bank screwed up somehow, an attorney could stop the foreclosure.
An attorney is unlikely to be able to lower your interest rates. If you can’t afford the house, you can’t afford the house.
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March 15th, 2010 at 12:20 pm
Don’t give up so easily. There are a lot of people out there in the same boat. You need to reach out to the various agencies that have been set up to help homeowners stay in their homes. Also, talk to lawyers and loan mod companies to see if they can help. The first call is usually for no charge and you’ll get a lot of useful information. A good site I used was http://credit-hub.net/LoanHelp where I entered a few details about my situation and they got back to me some proposals. Also, a bankruptcy attorney could advise you about the pros and cons of a bankruptcy filing. You can get a free consultation by calling 877-323-0821 or going to http://bankruptcy-consultation.com
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March 15th, 2010 at 12:33 pm
Your best option would be to try a loan modification. the cost is usually around $2 - $3K depending if you have a second mortgage or not. Be careful though because there have been a lot of companies that have been caught up in scamming people. Most States have been on top of this and have passed some new laws for these types of companies. I live Las Vegas which recently Nevada made it mandatory for companies or firms who wanted to process loan modifications, to become licensed and bonded with the state of Nevada. Now there are only around 30-40 companies that can actually provide loan modifications for people.
Anyways, If your wanting further help I can provide you with some contacts depending on which state you live in. Email me at truenventures@gmail.com
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