What does a foreclosure attorney do?

April, 2014 by Alma Abell

A foreclosure attorney in Royal Palm Beach is someone who represents the interests of either a lending institution, such as a bank or a homeowner during the foreclosure process. Foreclosure happens when an individual has not repaid his or her mortgage and the lender repossess the property. Foreclosure attorneys are those who represent the parties that are involved in the action.

Although the law that applies to foreclosures varies somewhat from state to state, it basically starts when the homeowner is remiss in making the monthly payments. Most lenders will begin to call or otherwise contact the homeowner when the first payment is missed but the formal process of foreclosure does not commence until several payments have been missed in a row.

The foreclosure attorney in Royal Palm Beach will help the homeowner by using delaying tactics. In many cases the homeowner is only having a temporary financial crisis or setback. The attorney will work with the homeowner, contesting every step in the process, thus buying time for the client to get back to a sound financial footing. In many cases the process can be delayed by requesting to see the original promissory note. Often mortgages are sold on from one lender to another and perhaps even a third party. In cases like this it may be hard to locate the original note; this is but one example of a delaying tactic. If the current homeowner knows that he will have the home foreclosed the attorney can often help in negotiating a short sale with the lender, this usually is better for the borrower’s credit score and considerably less expensive for the lender.

After about three months of no payments the lender will begin the process of foreclosure, this starts with a filing of notice of default with the court. It will be the foreclosure attorney who represents the lender that will make this filing on behalf of his client.

The court sends the borrower a formal notice of default or a demand letter. This notice or letter states emphatically what the borrower must do to become current and to stop the foreclosure. It simply states how much is to be paid and by when.

The decision to either pay or vacate the premises is up to the borrower, if the choice is to stay and the demands cannot be met, the foreclosure attorney try to work out an agreement of some sort with the lender however by this time it is usually too late.

If you are experiencing difficulties with your mortgage obligations you may wish to contact a foreclosure attorney in Royal Palm Beach.

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