Real Estate Attorney

The threat of foreclosure is a taxing experience that no family should have to endure. But they do. Since the crisis of 2007, millions of homes across the nation have been foreclosed. With so much on the line, you can’t leave it to fate to determine the outcome of a foreclosure. If you have been notified of your home’s potential foreclosure, you need to hire a Watertown foreclosure attorney to ensure that you and your family are protected.

The mortgage that you originally signed with the lender will contain a clause known as the “power of sale” where lenders are required to send you a notice letting you know that your home is facing foreclosure. Of course, the lender is required, by law, to give you multiple notices as well as provide you the right to cure. From the date of the notice, you have 150 days to have your foreclosure attorney send to the lender a “notice of default and right to cure” so that you can negotiate with the lender to prevent foreclosure. With this, consulting a real estate attorney will ensure that you are protected as you negotiate with the lender.

The negotiations, in short, will determine how you will pay back your missed mortgage loan payments. If you have cash available, reinstating your loan may be an option because it will allow you to pay back all the missed payments as well as the penalties. Be sure to ask your lender for the specific amount that you owe. Another option is a loan modification where you can adjust your payments in order to catch up. There are some limits to loan modifications depending on how far behind you are on your mortgage payments. Also, filing for Chapter 13 bankruptcy in Watertown will establish a three- to five-year payment plan that will allow you to keep your home. In order to know what option is best for you, consult a Watertown attorney so that you and your family do not have to fear foreclosure.