Foreclosure is the legal process whereby a lender seeks to sell the borrower's property which was declared as the collateral so as to recover the loan. Usually the lender will attempt to sell the asset when the borrower stops making payments. The property to be sold is the security for the loan that was agreed between the lender and the borrower. When faced with a foreclosure complaint you need to hire a foreclosure attorney. To understand the importance of the attorney you need to first understand the foreclosure process
The foreclosure process is usually as follows; when the borrower fails to make payments, the lender will contact him or her to find out why. Afterwards the lender will send a notice of non-payment and demand to be paid. The lender's attorney will then file a foreclosure complaint in court whereby it will be sent to the borrower to respond within a certain period of time usually a month. Failure to this the lender's attorney will file a motion of default judgment where the court will grant the motion and order the sale of the property.
The foreclosure process proceeds in the above manner if you as the borrower fail to act quickly. The period between when the foreclosure complaint is filed and the time the judgment is made usually takes a period of about two months. It is therefore in your best interest to hire a foreclosure attorney as soon as possible to represent you on the case.
The foreclosure attorney will not only act as your defender in the foreclosure case but can also work with your lender to seek an alternative to the foreclosure such as a modification to your existing property loan. Click here to learn more about loan modifications. Your foreclosure attorney will thoroughly look at your property documents and also the conditions of the loan. He or she will also require you to discuss your financial situation in details and hear your side of the story so as to understand the circumstances for which you failed to make your payments. From all this information the foreclosure attorney will now be able to look at the possible foreclosure defenses to prepare. He or she will also have the option of negotiating with your lender to seek out a better solution and alternative to the foreclosure.
The time frame in the foreclosure process could be the only determinant or saving your property. The sooner you contract an attorney to defend you against foreclosure the better your chances of saving it and working out a solution with the lender. Remember no lender will like the alternative of having to sell your property as this is not only expensive to them but also will put them in another line of business altogether.