Foreclosure help can be essential for homeowners attempting to avoid foreclosure and save their homes. One of the biggest mistakes homeowners make is waiting too long to get assistance with this stressful process. When should homeowners seek foreclosure help?
Preparing a Loan Modification Application
Foreclosure defense is not about getting a free home; foreclosure defense is about getting an affordable loan payment. A loan modification is the general way to obtain this relief from a mortgage lender. Applying for a loan modification, however, can be a complex process, requiring enormous paperwork and follow-up phone calls with the loan servicer.
A homeowner does not need a lawyer or other professional to help with this process. However, if a homeowner does it on their own, they need to keep up with the paperwork requirements and do the application correctly. If the homeowner does not have the time or interest in preparing an application, they should absolutely get the help of a reputable professional for this process. The Massachusetts Attorney General’s Office is one good resource for seeking such assistance, and there are other non-profit organizations around the state who similarly help with loan modification applications.
Problems With The Review of a Loan Modification Application
If a homeowner is having trouble with a loan modification application, foreclosure help is a must. Often, a lender’s repeated failure to properly review one of these applications, by “losing” paperwork and coming up with bogus reasons for denial, can be grounds for legal action.
Imminent Foreclosure Sale Date
A homeowner with a imminent foreclosure sale date should likewise obtain foreclosure help, mainly through an attorney. An attorney can help a homeowner understand options available for stopping a foreclosure and see if a permanent resolution to the problem can be reached.
After a Foreclosure Sale
In my opinion, foreclosure help is an absolute must for any homeowner who has already been foreclosed. A foreclosure defense attorney can help a former homeowner determine if there are grounds to rescind or buy back the foreclosed property. Even if the homeowner has no interest in staying in the home, an attorney can be incredibly helpful in ensuring that the homeowner’s rights are protected, and avoiding an additional liability.