Foreclosure attorneys are legal professionals who provide legal services to people whose homes have been foreclosed upon. Lawyers deal with foreclosure cases on behalf of their clients and represent their interests in court. In most cases, a foreclosure attorney represents the lender. However, there are instances where the lender has an attorney on his/her side.
Foreclosure attorneys are experts at preparing a valid defense to enable their clients to prevent foreclosure. Foreclosure attorneys work closely with banks to arrange repayment arrangements most suited to a client or situation, or he may negotiate an adjustment or suspension of delinquent payments. Your lawyer may also assist in pre-qualifying borrowers for appropriate options to foreclosure settlements in order to better facilitate the proceedings. In some cases, your lawyer may represent you in negotiations with the bank for either a loan workout or a short sale of the property. In other cases, your lawyer may act as a negotiator for you and bring about a mutually satisfactory resolution.
Loan modifications and short sales are often sponsored by lenders, but they can still end up being lost in the crush of the foreclosure crisis. For this reason, many lenders will work out agreements with foreclosure attorneys on their own, outside of court. This way, lenders avoid the expense of going to trial and avoiding potentially costly damages to themselves. In many circumstances, lenders will agree to allow the attorney to handle the case, allowing the homeowner to keep his or her home. However, in some states, lenders may file suit against homeowners who have hired their services without their consent.
In addition to handling pre-foreclosure matters, lawyers also handle the post-foreclosure phase. In many instances, borrowers facing foreclosure have a difficult time paying their arrears. They may face the risk of having their home foreclosed on if no money is paid in a certain period of time. In this situation, attorneys working on a contingency fee basis to deal with the lender directly and bring about a resolution between both parties.
There are a number of good attorneys practicing in the New York area that deal with foreclosures. These include: Bean, Kelly, Richman, Peskoff, Shoreman & Griswold, and Volakis. To locate attorneys in your area, search the Internet for “New York mortgage foreclosure lawyers” or “Mortgage foreclosures lawyers.” In addition to searching online, many local chambers of commerce can be found in New York City. These chambers of commerce are a great place to find local businesses.
Finally, there is the option of a voluntary sale. In a voluntary sale, the lender voluntarily allows the homeowner to sell their home for a price less than what is owed on the mortgage. In order to participate in a voluntary sale, the homeowner must file a request with the court stating that they have fallen behind on their mortgage payments. Once a judge has given permission for a sale, it is the responsibility of the homeowner to market their property and arrange an open house. Foreclosure attorneys are the best way to ensure that a homeowner is well aware of their rights and can schedule a time to tour their property with the hopes of being able to negotiate a short sale for pennies on the dollar.