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Seek Legal Help to Avoid Foreclosure

Foreclosure is a legal process in which the lender obtains a court ordered termination of the borrower’s equitable right of redemption.

If you are facing foreclosure it is best to get help from a lawyer.

You must keep in mind that it is a near impossible task for you to do it alone. It requires much more than going to a court.

You have to file papers, respond promptly by answering to queries asked for by the lender’s attorney, and, importantly, meet deadlines.

A foreclosure attorney in Maryland can help you defend yourself in this complex legal process. Moreover, if your case goes to trial you will be required to question witnesses and present evidences.

Remember, you have got the right of redemption. To keep the right of redemption you must petition the court for an injunction. What is more, if repossession is imminent, you must seek a temporary restraining order.

It is also possible that you can challenge the validity of debt in the lender’s claim against the bank, and stop the foreclosure and even sue for damages.

According to a foreclosure attorney in Maryland, “In a typical foreclosure proceeding, the lender also bears the brunt of proving they have the right to foreclose”.

In any case, foreclosure can be inevitable.

After all, it is the legal muscle the lender uses to repossess your home.

When such a thing does happen, you have no other option but to move out of your home.

If the equity of your property is less than the total amount you owe, then you are in further trouble.  

The court can pass a deficiency judgment, in which case you not only lose your home but also will have to pay an additional amount.

Both foreclosure and deficiency judgments have the potential to seriously jeopardize your life. It can negatively impact your ability to qualify for credit in the future.

According to bankruptcy lawyer & attorney MD, one good way to address this situation is to avoid foreclosure if possible.

Here are a few pointers they recommend.

Respond to the letters from your lender at the earliest

It makes sense not to ignore your lender’s communication. If you have issues making payments you can contact your lender’s Loss Mitigation department and explain your predicament.

Contact a housing counseling agency nearest to you

Such agencies can prove to be helpful by providing you with information on services and programs offered by government agencies.

A foreclosure attorney in Maryland may also tell you that your lender can provide some sort of relief by agreeing to a repayment plan based on your difficult financial situation.

You can qualify for this respite if you are experiencing a cutback in income or an increase in day to day expenses.

You may also be eligible for a pre-foreclosure sale

This means you are allowed to preempt foreclosure by selling your home for less than the amount necessary to pay off your mortgage loan.

The best bet is not to lose your home and damage your credit history. An experienced foreclosure attorney in Maryland can help you sail through these difficult times.

The Law Office of Rowena N. Nelson is among the top lawyer firms in Maryland. This law firm provides a wide range of legal services including bankruptcy law, criminal law, and family law.