Foreclosure Law Firm

Foreclosure Law Firm

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Foreclosure Law Firm

Quick Guide to Foreclosure Law Firms

Why should I consult a Foreclosure Law Firm?

Most clients seek the legal services of a foreclosure law firm because they want to keep their house.  Nobody wants to undergo foreclosure, especially if there is a family involved.  Foreclosure law firms can suggest various different strategies to help a family or individual keep the home, and in some cases, a foreclosure law firm will actually suggest that the family file for Chapter 13 bankruptcy.  

Foreclosure law firms will do everything in their power to help a client keep their property, but sometimes foreclosure is imminent and impossible to stop in certain circumstances.  In that case, foreclosure law firms will help a client with the best strategy to at least partly protect their credit in the future.  

Where can I find Foreclosure Law Firms?

There are several resources you can use to make the search for finding a foreclosure law firm much easier.  The sources listed below are only some of your options, and you may wish to pursue other alternatives:

National Association of Foreclosure Defense Advocates

The NAFDA is a non-profit organization under the state of Utah and waiting charter under the Internal Revenue Code 501(c)3.  The official website of the organization will put you in touch will valuable foreclosure information, as well as contact information so you can find foreclosure lawyers on a national scale.  

National Association of Consumer Advocates

If you believe you are being unfairly pushed into a foreclosure, you should contact the NACA immediately.  The association contains over 1,500 lawyers across the nation that protects clients from fraudulent, abusive, and predatory business.  Another helpful tool is provided by the NACA as well.  The Institute for Foreclosure Legal Assistance (IFLA) is managed by NACA and is a great tool for families and individuals facing foreclosure.  

Laws.com

If you need to find a foreclosure law firm fast, you should highly consider the services provided on this very website.  You may have noticed advertisements for foreclosure lawyers within this article and similar articles.  These advertisements are specialized to your individual interests based on your searches and concerns.  The website matches your interests to a specific lawyer in your area with specialized skills you are looking for.  

Recent News in Foreclosure Options

On the week of March 19th, 2012, the Bank of America announced that it would begin giving new options to homeowners facing foreclosure on their house.  As of this week, the bank has issued the “Mortgage to Lease” test program in three states: Arizona, Nevada, and New York.  

The pilot program will allow mortgage owners in foreclosure danger to transfer their home’s title to the bank.  If mortgage customers choose this option, the Bank of America will forgive the rest of the outstanding debt and allow the family or individual to rent the home for up to three years below fair market values.  Additionally, the participants in this program won’t have to pay property taxes, or homeowners insurance.  In order to qualify for the program, a homeowner must have the following:

• Bank of America loan

• 60 days behind on mortgage payments

• Be “underwater,” meaning owing more on the mortgage that the home is worth

Bank of America has allowed the pilot program to see if customers, investors, and community members will support the program in the future.  The bank hopes that the pilot program will have positive outcomes by stabilizing housing prices and allowing distressed properties to stay on the market.  

Strategies Used by Foreclosure Law Firms

Each state’s laws are different, and your foreclosure law firm will address specific state laws with you.  Additionally, foreclosure lawyers will often suggest a number of different strategies and options offered under Federal Law and the U.S. Department of Housing and Urban Development (HUD).  There are options you have as a homeowner under federal law, and your foreclosure law firm will suggest one of the following options depending on the state of your mortgage:

If you are able to modify or refinance your loan, your foreclosure law firm will likely suggest one of the following:

Home Affordable Modification Program (HAMP)- allows a homeowner to lower their monthly mortgage payment to 31 percent of their monthly gross income before taxes.  The measure usually results in a 40% decrease in monthly payments. 

Principal Reduction Alternative (PRA)- this measure encourages investors to lower the amount the homeowner owes because of the property’s value

Second Lien Modification Program (2MP)- If you have a second mortgage on a property and the first mortgage is permanently modified under HAMP SM, you can receive a reduction in your second mortgage payments under 2MP.  

Home Affordable Refinance Program (HARP)- If you can’t refinance because the property of your property has significantly decline, this program may be able to help you refinance and receive a more affordable mortgage.  

If you are facing an “underwater” mortgage, your foreclosure law firm will likely suggest alternatives through HARP or a PRA.  The following option is available to homeowners with an underwater mortgage as well:

Treasury/FHA Second Lien Program (FHA2LP)- If the homeowner has a second mortgage and the first mortgagee agrees to an FHA short finance, you may be able to have your second mortgage reduced or even eliminated.  

If you are trying to make mortgage payments as an unemployed homeowner, foreclosure law firms most likely offer the following advice and help you with the filing process:

Home Affordable Unemployment Program (UP)- this measure reduces or suspends mortgage payments for at least twelve months as you are looking for another job. 

FHA Forbearance for Unemployed Homeowners- the forbearance period for an unemployed homeowner was originally four months, but as of July of 2011, the forbearance period has been extended to 12 months

If you have decided to leave the home upon foreclosure, foreclosure law firms will suggest the following measures under federal law and possibly different measures under state law:

Home Affordable Foreclosure Alternatives- if a homeowner is moving to more affordable property, they may be eligible for a short sale or deed-in-lieu under the foreclosure through HAFA. 

Redemption- this measure requires immediate action from you and your foreclosure law firm.  If your property has been sold at a foreclosure sale, there is a window of time in which you can still claim your home.  

 

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