How a Foreclusure Defense Lawyer Can Help

Homeowners fear the thought of foreclosure in the same way that business owners fear the IRS. If you don’t want your home to foreclose on you, here’s how a lawyer in Hoffman Estates can help with your foreclosure defense.

More options

Hiring a lawyer right from the start can net you legal options that might not be possible in the latter stages of the foreclosure process. With legal help, you have someone to negotiate with the lender to extend your stay in the home. Your lawyer can also take measures to stop the foreclosure if you hire one early on.

Review documents

Your lawyer can review those documents to make sure everything is in proper order. In case there’s an error in the documents or a mistake in how your annual percentage rate was calculated, that could give you the right to rescind and cancel the loan, The Nest says.

Modify the loan

Hiring a foreclosure defense attorney in Hoffman Estates means you have someone who can persuade the other party to consent to changes in the initial loan terms. Some modifications can be geared to make it easier for you to pay your debt, whether by lowering the due principle balance, slashing the interest rate or even extending the loan period to cut down on your monthly mortgage.

Negotiate with the lender

A good lawyer can also offer foreclosure mediation, wherein both lenders and borrowers agree to work out a possible solution to keep foreclosure from happening.

Offer loss mitigation option

This is a type of special loan program and refers to the process wherein lenders consent to an agreement with borrowers to mitigate due and unpaid mortgage payments in the past. This can be a good solution to opt for and can help both parties cut their losses.

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