Foreclosure Defense Lawyer
Foreclosure
Foreclosures arise when someone is unable to pay the mortgage on their home. The entity that lent the money for the home will seek to repossess that home or property when the person is unable to make payments. The home will then generally go to auction where the lender attempts to sell it off. Foreclosures can happen as a variety of many different factors. If someone loses their job, has a drop in salary, falls ill, gets divorced, or has a change in their mortgage payment can all lead to the unfortunate reality of foreclosure. When this situation arises it’s important to understand the next steps. There’s a possibility that a foreclosure can be defended against and the home will not be lost.
Strong Knowledge Regarding Foreclosures
One of the main reasons that many people turn to a foreclosure defense lawyer is due to their knowledge about foreclosures. These lawyers understand why the home is being foreclosed on and how to counter that foreclosure. They also may have years of experience working on numerous foreclosure cases. This experience can prove priceless when someone battling a foreclosure is unaware of what to do to keep their home. Their knowledge, experience, and skill give the person battling the foreclosure a great chance at defending against the foreclosure. A foreclosure defense lawyer can also inform about the different strategies that can be used to defend the giving up of the home.
Assistance With Filing for Chapter 13 Bankruptcy
There are 2 different bankruptcies that individuals may file for to attempt to pay back debts. Those are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 is the type of bankruptcy where individuals have to sell off assets to pay back debts that are owed. This type of bankruptcy also may see a home having to be sold off. A Chapter 13 bankruptcy differs from Chapter 7 in that instead of selling off assets, a repayment plan is set up. This repayment plan lasts typically from 3 to 5 years and will depend on how much money the individual earns and how much outstanding debt they have. A lawyer who works in the realms of foreclosure defense can also help set up a Chapter 13 bankruptcy. This may be the best chance to keep the home due to Chapter 13 not having to sell off all assets.