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Can A Lawyer Help Me Foreclose Or Short Sale My Home
People being foreclosed upon or needing to short sell their home are usually in complicated, unfamiliar and stressful situations. A real estate attorney's familiarity with a state's specific rules of foreclosure and short sales can help people make the best decisions along the way, help create a strategy, and aid in reaching the best outcome possible for each specific situation.
How can a Foreclosure Attorney Help Me?
If you are facing foreclosure, a foreclosure attorney can help you in many ways. They will look at your legal documents, like the terms and conditions of your home's purchase agreement, and explain them to you in a way you can understand; then, they can help you understand any alternatives to foreclosure that may exist. Once you have decided which path to take, your attorney can talk to your lender's legal department for you, answering any questions you have about the process, negotiating with your lender to modify your mortgage, and even defending or delaying your foreclosure in court if necessary. Your attorney can even help you set up a deed in lieu of foreclosure and/or help you file for bankruptcy if it comes down to that step.
There is no law or regulation that states you must have an attorney assist you through the foreclosure or short sale process, but there certainly are significant advantages to hiring an attorney.
What About in a Short Sale?
It is important to recognize that real estate agents, those who would actually list the home and negotiate the short sale, are very different from real estate lawyers, experts who give legal advice in the area of real estate. While there are very few situations where a homeowner would need a lawyer during the actual short sale, it would be very beneficial to consult one before taking short sale actions, to understand the bank's rights as well as homeowner's rights, and to help explain the legal ramifications of a short sale.
Real estate and real estate financing are very complicated fields. The homeowner is often left with no one on their side, and a lawyer could be just the person to help out and fight for a homeowner's rights during a very difficult time.