Foreclosure is a nightmare scenario for every homeowner, and it might seem unstoppable once you’ve fallen behind on your mortgage payments. Fortunately, homeowners facing these proceedings have options to defend themselves and fight to keep their home. Whether you plan on abandoning your property or hope to keep it, a skilled attorney will identify the best approach, guide you through the process, and work to protect your rights. The overview below explains how. 

4 Reasons to Hire a Foreclosure Attorney

1. Lender Negotiations

Rather than take the financial risk of foreclosure, many lenders will renegotiate the terms of your mortgage, allowing you to stay in your home. An attorney may be able to negotiate a loan modification with lower interest rates, an extended term, or a new balance that includes your past due amounts.

2. Loss Mitigation Options

Many loans, especially those obtained through the FHA or other federal programs, have provisions designed to help struggling borrowers stay in their homes. Filing for bankruptcy can also prevent foreclosure, especially if you have the resources to reorganize your debts under chapter 13. Because lenders usually won’t tell borrowers about the benefits of these programs, you may need an attorney to identify all your opportunities.

3. Lender Accountability 

Mortgage lenders are subject to state and federal laws requiring them to give notice of foreclosure and implement the process fairly. Attorneys who understand the regulations will keep your lender accountable by filing a dispute which could delay or prevent foreclosure if they violate the law.

4. Effective Representation 

Connecticut and a few other states offer mediation services to help you negotiate an acceptable solution. Your attorney can represent you in these meetings, and can even defend your interests in court, if necessary. An experienced and knowledgeable lawyer will identify and execute potentially effective strategies, especially if the lender is missing documents or violated the terms of the mortgage.

If you’re facing foreclosure in Hamden, CT, or surrounding areas, Steven P. Ciardiello, Esq., P.C. is on your side. They’ve been providing clients with sound legal advice and effective representation for over 30 years, building long-lasting relationships with their clients and the entire community. Visit their website for a look at their wide range of legal services, or call (203) 248-8000 to speak with an attorney and schedule a consultation.