Foreclosure of your properties can be one of the most stressful times of your life. While most of you must be familiar with the word “foreclosure”, for those who are not, let us make it clear what foreclosure is all about. In its simplest sense, a foreclosure can be described as a legal procedure between a lender and a borrower. Like for example assume that you had borrowed a loan and you were making timely payments in the past. However, of late, due to unexpected financial commitments, if you have stopped paying the borrowed loan to the lender, then the lender can take action against you. In order to recover the left up loan, the lender can force you to sell your asset that was being used as the deposit/security of the loan. This is known as foreclosure.
Usually, at the time when a borrower pledges an asset, a lender obtains an interest from him to secure the loan. So when a borrower is unable to make payments, the lender opts for a foreclosure. A foreclosure can commence when a borrower does not make timely payments or fails to pay taxes of the real estate or cannot keep the property insured. Anybody can be overwhelmed by the mere thought of losing their valued possessions. In addition to that, the proceedings following a foreclosure are out of the understanding ability of a common man until and unless one has a necessary background. After all, law is not easy to comprehend by a layman. At this time around you might start feeling helpless and may in fact be at the verge of losing everything. Thus, your first aim should be to avoid landing up in such situations at any cost. However, if you are facing a foreclosure, there are some tips that you need to bear in your mind.
Foreclosure can be pertaining to any real estate but more often it is associated with the residence of a person. As soon as you receive a foreclosure notice, take it as a notification of a lawsuit. Many people are unaware of this but once this lawsuit is issued, you, as the owner of the home, will have a specific time period during which you will have to respond with a defense in the court. If the defense is strong enough, things may come in your favor. However, since most of the time people hardly have any idea about the know-hows of foreclosure proceedings, they do not respond or fail to provide a solid defense against the lawsuit. On failure to give any response, you will have to face harsh consequences one after the other. Ultimately, you will lose the case and will be given a time period after which your property would be auctioned and sold. Who would want to give away their property just like that? You will have to take action and you should be aware that you cannot go through the whole procedure alone. This is where the significance of a foreclosure attorney is highlighted. If a suit related to the foreclosure of your asset has been filed and you want professional help through the whole process then a foreclosure attorney will act as a savior.
Be proactive. The worst thing that most of the people do when faced with a foreclosure is giving up. Giving up is no solution. Instead take requisite actions and hire a quality foreclosure attorney. A foreclosure attorney in such cases is always beneficial and it is often recommended to hire one. Early hiring can protect you from grave financial problems. Moreover, the attorney will look into the matter and come up with the best possible solution for you. Some of the advantages that you can get when a foreclosure attorney is by your side include the following:
The foreclosure attorneys will represent you in such a way that chances of your winning the foreclosure case will maximize.
- They will review your court papers or terms of loan in order to analyze the problem. Once this is done, they will advise you with helpful strategies that may, in fact, stop the foreclosure.
- They are familiar with the rules of the court and will carefully examine each and every paperwork which is impossible for a common man to do on his own.
- They will negotiate with the lender and figure out the best solution. By doing so you may be able to keep the house for an extended period.
- They will protect you from tax liabilities, credit issues and the like.
- They will save you from wrongful foreclosures. Such foreclosures are a result of miscommunication between the borrower and the lender.
- They may be able to extend the repayment schedule.
- They will be present at the hearings on your behalf and will ensure that the judge is hearing your side as well.
Also, you should be aware of the fact that the lenders and banks are going to have legal representatives by their side. If you are not armed in the same way as they are, chances are that the legal battle will become one sided. Therefore, the importance of a foreclosure attorney cannot be overlooked. People often have a notion that hiring a foreclosure attorney would mean spending money for an insignificant reason and they usually proceed by fighting the legal battle themselves. This should not be done at any cost if you want to save your property from repossession without much financial damage.
Apart from that, do remember that different states will have different foreclosure procedures and you will have to abide by the laws stated for your particular state. So, if you are facing a foreclosure in Boston then consider hiring Foreclosure Attorney Boston. No matter how skilled or competent a foreclosure attorney is, it would be useless to hire the one having a license of a different state than yours. In addition to that, you must also know that mere hiring of a foreclosure attorney is not enough. You have to look for a foreclosure attorney who is skilled, experienced and competent in his work. Many a times, people may hire an attorney who charges huge amounts of money but may not be able to give out the results as expected. Thus an incompetent attorney can make you incur huge losses apart from the loss of your real estate. These days a lot of scams are taking place. So that you may not end up hiring a fraud attorney, it is necessary to consider some of the points while searching for a good foreclosure attorney in your area. Here are some tips that will come handy when looking for a quality attorney.
- Consult a housing counselor – Talking to a proficient housing counselor is always a good idea before you select any foreclosure attorney. Look for a well-connected counselor in your area who can help you in your search for a good Foreclosure Attorney Boston.
- Other sources –When it comes to finding a skilled attorney you have at your end a number of sources to get help from. Like for example you can contact people like:
- Your families, friends who have had a similar case as that of yours. They may refer their attorney’s name who had helped them in their respective cases.
- You can connect with acquaintances or those who have connections or are working in the courts.
- Real estate agents or bankers and other such professionals may suggest you the names of some of the expert attorneys nearby your area.
- You can also go through online attorney directories. However make sure that you are browsing through a reliable website and beware of spams. Nonetheless, it would still be better to seek online help as your last resort.
- You may even contact the local bar association and gain information about the reputed foreclosure attorneys in your area.
- Once you have a list of attorneys with you, the next is to interact with them. Every Foreclosure Attorney Boston will have different rates and payment systems. Here communication is the key. The more information you have about an attorney, the better it will be. So, do not hesitate in asking the total amount of charges that you will have to pay to them. Know more about their preferences of billing arrangements and collection processes. Genuine attorneys would be willing to help you out and would listen to your problems and answer all your queries no matter how many times you ask them. Also, find out whether there are any initial consultation charges. You will notice that some may charge a consultation fee while some won’t. So it will be better to drop the idea of contacting those who are charging fee for initial consultation.
- A good attorney would always want to know your financial goals, your budget, etc. You must seek the ones who are interested in solving your problems rather than those who are interested in making money irrespective of the end result.
- As said earlier, when in doubt ask questions. Communicate frequently via email, phone calls and personal meetings. See whether they respond cordially towards your queries or get irritated with the frequent bombardment of questions. A good attorney will be patient and will maintain his cool. This is a sign you have to look for when searching for a foreclosure attorney.
- In addition to the above, ask them about their experiences, membership in real estate organizations, credentials and success rates. Doing so will automatically enable you to ward off the ones who do not have sufficient competent achievements.
- Get all your important documents at one place so that it would become easier for the foreclosure attorney to proceed further with the case. Whenever you have scheduled a consultation with an attorney, present your documents to them. An expert lawyer will thoroughly go through your case and analyze each and every aspect. He/she would be able to make out whether the case can be handled by them or not.
- Another factor to consider is that you should not be rushing into matters. It is evident that a foreclosure notice is a sign of alarm for you to find an attorney. However, in moments of desperation avoid making wrong decisions. Most of the time, people hire just any foreclosure attorney they come across without even checking the credentials. Later on when they find out that the attorney is not competent enough, they feel trapped and face financial setbacks. Therefore, take your own time to find out about several attorneys in your area.
- Finally, it is at all times helpful to trust your instincts. Keep other people’s referrals and advices in your mind but select the one who you think would be reliable. Make sure you are comfortable with the one you are selecting because all through the case, you will have to stick to your foreclosure attorney. A good foreclosure lawyer will make you feel at ease and customer satisfaction will be high on his/her list.
- Once you have chosen the attorney you can seek their help and keep in touch with them. Do not just leave everything on them. Make it a point to interact with them on a regular basis. In this way, you will have an idea of the proceedings of the case.
Thus, on the whole you should check for the following main factors in a Foreclosure Attorney Boston before hiring one.
- LICENSING –There are way too many foreclosure scams happening than we can imagine. Therefore, the first and the foremost thing to consider is that whether your foreclosure attorney has a license to practice in Boston or not. Just because someone is an attorney doesn’t mean that he is a licensed one as well. Hiring a foreclosure attorney who doesn’t have a license to work in your state is equal to hiring no attorney at all! So make sure to check this on a priority basis.
- CERTIFICATION –The foreclosure lawyer that you have decided to choose must be adept with the latest foreclosure laws in Boston. Having current knowledge about laws is of utmost importance. To know whether your lawyer is up to date or not, you must ask for his certification. Certain certification courses are held to enable attorneys stay updated and hence considering this factor is vital when searching for a Foreclosure Attorney Boston. If a foreclosure attorney has the requisite certification, you may give him the green signal to go on with the case.
- EXPERIENCE –Those with more experience always have much useful networks than the ones having none or less experience in the field. An experienced Foreclosure Attorney Boston will provide you with almost instant solutions because of the years of practice he/she has.
- FEES –A competent foreclosure lawyer will clearly state the following points even before working on the case.
- What services will exactly be rendered?
- What fee will be charged?
- What terms and methods of payment will be preferred?
- How will the relationship between you and the lawyer be terminated?
You must be having an idea of your budget and because the lawyer will inform well in advance about the charges, you can calculate whether or not his services are within your means. Also, it is important to note that some attorneys may actually involve hidden costs and inform about it later on. Thus, there is a need to recognize genuine lawyers who would rather be willing to help you out.
- CUSTOMER SERVICE – A lot of people tend to ignore this factor but it is as important as the other factors mentioned above. Even if a Foreclosure Attorney Boston is licensed and has experience, what good will it do to you if the attorney does not have a good customer service? Foreclosure can not only impact you on a legal level but also has the potential to drain you on the personal front. In such tense moments an attorney is expected to understand the situation. A good attorney will be patient, understanding and amiable. He/she will make you know the possible options and their consequences. Legal issues like foreclosure are quite complicated and tough for a layman. However, a good foreclosure attorney will explain you the legal terms in a way that will be easier for you to grasp. Look at the way they interact with you. If they respond positively in a pleasant manner, hire them.
Hence, we now know how a genuine attorney can help you in finding out ways to default your loans. On the contrary, an inexperienced attorney may land you up in dire consequences. For that
reason, do not trust any foreclosure attorney blindly. Taking action in hurry should be avoided. Although the case of a foreclosure requires you to act immediately, you should take your own time
in finding the best attorney to handle your case. It would also be helpful to learn how the foreclosure process will proceed. Understand it right from the basics so that you will know what is going to come next.