EA 2020

The recent economic downturn has left many people in a deep financial crisis. This in turn led many people to go in for foreclosures. If you too are in such a financial position and thinking about foreclosure, think about a foreclosure defense attorney first. Foreclosures can be slowed down or even stopped, and that is only possible when you have a good foreclosure defense attorney to back you. After you read through this article you would be in a better position to understand the various ways a defense attorney can really help in case of foreclosures.

There are certain homeowners who are willing to pay off the debts, but feel that the interests are piling up and they are running short of time. In such situations they need some flexibility from the lender. The defense attorney, on behalf of the homeowner, requests the lender either for extension of time or even to forego the interests and defaults that may have accumulated.

With the increasing prices of every commodity and the declining job status, most people find it hard to manage their expenses of daily living as well as make mortgage payments and interests too. Here, the defense attorney negotiates with the lender to reduce monthly mortgage payments and even lower the interest rates, which will automatically relieve the homeowner. He can now relax and manage his expenses and also be able to do away with the foreclosure.

There are some homeowners who feel that they would be able to make the payments but only after a certain period of time. The foreclosure defense attorney, on their behalf, convinces the lender on a forbearance period. It is the time period where the mortgage payment may be totally stopped or the homeowner may need to pay a very small amount. This helps the homeowner to gain some time to arrange for the payment, which he would do at the end of the forbearance period and thereafter.

In certain situations, the homeowner is unable to pay the reduced mortgage payment also. In such situations, the defense attorney fights for a case of short sale. This process allows the bank to sell the property immediately at a small loss, whereby both the homeowner and the lender can benefit by avoiding payment of high costs. There are certain criteria that need to be fulfilled in order to go in for a short sale, but if you can hire a good foreclosure defense attorney, he can make it possible even if you do not qualify for it.

In another scenario, the homeowner may hand over the property to the bank and give a deed in lieu to the lender, whereby the homeowner is relieved of all further payments. Most often the lender asks for a deed in lieu with recourse, that is, if the sale value of the property is less than the original loan amount, the lender can sue the homeowner and demand for the loss amount. Here, the foreclosure defense attorney can be of a great help. He can avoid any such thing and get you out with only a simple deed in lieu where you will not face any consequences later on.

So, it is always a good idea to hire a foreclosure defense attorney even before thinking about going in for a foreclosure.

To get a reliable attorney in Los Angeles, call on:

McFarlin & Geurts, LLP
4 Park Plaza #1025
Irvine, CA 92614
(949) 544-2640

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