A Good Foreclosure Attorney Could Save Your Home
When the real estate market fails to thrive because of unpredictable market shifts and economic depression, the numbers of foreclosures increase significantly. When you fail to make your mortgage payments in the agreed time, then your lenders may foreclose your home, meaning that they will seek to repossess and sell it to recover their money. This does not mean that all is lost because our foreclosure attorneys will fight tooth and nail to see that you get the best deal.
Are there right ways for foreclosing a home? Absolutely, you need to hire a Utah foreclosure attorney.
So what is foreclosure? In a layman’s language, foreclosure is the process where a homeowner’s right to his property is deprived of as a result of failing to pay a mortgage. If the homeowner is not in a position to clear any outstanding debts or even sell the property through short sale, the house goes to a foreclosure auction.
Can a Utah Foreclosure Attorney really Save your Home?
Most of the homeowners are inspired by two goals; saving their homes from foreclosure and potential scams as well as getting their financial situations back to normal.
An experienced foreclosure attorney Utah should listen to you, clearly elaborate to you your rights and assist you take charge of your financial situation. Only a foreclosure lawyer will counsel you throughout the whole process. Processing without a lawyer can be frustrating; you will not only lack information provided by your lending institution but also the process is lengthy (an average process take 1 or 2 years).
The primary role of a Utah foreclosure lawyer is negotiated with your lenders on the defaulted loan repayment by asking for repayment schedule extension or reworking on the loan’s terms. Normally, this is achieved by responding to lender’s filing thus delaying the foreclosure process. They will also represent and prepare you for all hearings and ensure that none of your rights are violated. Irrespective of whether you have defaulted on your mortgage payments or not, you still have rights that should not be violated. In case the home is foreclosed, you want to ensure that it was done properly. There are deficiencies between the price tag of the house, interest and court costs. A skilled foreclosure attorney will guard your interests.
Foreclosure attorneys will also help you to understand the following basics, when facing foreclosure in Utah:
- Types of foreclosure process used in the state; judicial and non-judicial. Most cases for foreclosure in Utah cases are handled by non-judicial committees. Judicial foreclosure committee may handle a foreclosure in a case where deed of trust lacks the power of sale clause.
- How long you should take to respond
- Your rights
- The way forward (If you are held responsible for a deficiency judgment)
When is the right time to hire foreclosure attorney
Not every foreclosure in Utah case is similar and most have complicated degrees that can easily make or break the case. If you have foreclosure defense and you want to keep your house, you will probably need to be served a Utah foreclosure attorney. Here, we will make sure that you are not alone and get foreclosure defense for you.
The Utah foreclosure attorney will help you counterattack the process, when and if he/she identifies a few things as shown below:
- The lender did not follow procedures properly
- Where the foreclosing party is unable to prove your debt. For instance, determining if a foreclosing party owns the debt can be challenging in a case where the mortgage was securitized and pushed.
- Your loan provider made a severe error with your account, for example, misapplying funds or charging unreasonable rates. Only the best foreclosure attorneys can identify such misappropriations.
Five ways to stop foreclosure Utah
Most foreclosure lawyers in Utah will offer 5 solutions to homeowners. They will contact your lender and try to negotiate on a new loan repayment workout. The sooner this happens, the higher the chances of getting into a covenant with your lenders. So get a lawyer as soon as you can.
- “Deed in lieu” of Utah foreclosure occurs when the financial overstrained homeowner delivers a deed voluntarily to the lender. The interest transference may partially or fully relieve the homeowner indebtedness hence avoiding foreclosure proceedings.
- Forbearance agreement - This is mostly used when a debtor gets a Notice of Default. This agreement minimizes payments for a short period of time or delays lender’s legal proceedings against the homeowner.
- Short sale - This occurs when loan modification and short sale options are unavailable and the homeowner is still not in a position to settle mortgage payment. The homeowner consequently agrees to the sale of the property, lists it and presents the offer to bank.
- Loan modification - This occurs when a lender amends the felonious mortgage. This enables the homeowner to have more affordable mortgages.
- Chapter 13 bankruptcy. The main role of Chapter 13 bankruptcy is to stop foreclosure Utah. The debtors must have a consistent income and file for bankruptcy petition before the sale of the asset date.
Although hiring a Utah foreclosure attorney is the best action that relieves you of the pressure of the unsettled debt without causing any unnecessary harm to your credits, the most practical thing is responsible budgeting. Always set aside enough money to clear housing bills. Whenever an emergency rises, you will have the best opportunity to act quickly. However, should it come to worst and you ever face a foreclosure in Utah, we will be here to assist you, always.
My name is Craig R. Chlarson. Whether you are seeking to eliminate your debt, typically through a chapter 7 filing, or whether you are seeking to reorganize your debt, typically through a chapter 13 filing, or even if you have basic bankruptcy questions, call me today. I can help you.
To schedule an appointment, call (435) 901-3449
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