Hiring an attorney in the face of foreclosure

According to a recent report by RealtyTrac, an organization which keeps tabs on foreclosure news, the number of foreclosure filings in April decreased 1% between March and April. During the month of April, there was also a 4% increase in the number of bank repossessions. A total of 26 states saw increases in this area.  

In Delaware, the number of foreclosures increased a total of 8% from last April. Overall, one out of every 657 housing units across the states had a foreclosure filing, which is the third highest rate in the country. According to real estate experts, the increase in bank repossessions indicates that housing markets in many states are still experiencing a clearing away of the last remains of housing crisis. 

Foreclosure is obviously a difficult experience for most homeowners. The prospect of losing one’s home is a scary one, and it can sometimes be helpful for distressed homeowners to work with an experienced attorney to determine one’s options and, if possible, come up with a strategy to save one’s home.

Although a foreclosure attorney cannot guarantee any particular outcome, they can attempt to negotiate a repayment with the lender on a defaulted loan or even a second loan using the homeowner’s equity. An experienced attorney can also help a distressed homeowner file for bankruptcy when doing so would be beneficial for the purpose of saving one’s home and when doing so makes financial sense. That latter strategy, of course, is nothing to take lightly but it does work in some circumstances.

Those who have questions about the foreclosure process and who want to save their homes should consult an experienced attorney early on in the process to ensure they have the best chance of working with their lender. 

Source: Housing Wire, “Foreclosure filings down 1%, bank repos up 4%,” Trey Garrison, May 15, 2014. 



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