If you are facing foreclosure your main focus is to save your home. You have two choices. Today I want to review these choices with you.
Your first choice is that you can do all of the work on your own. Let’s take a look at what that means.
In order to save your home, you will need to prove that the mortgage company from whom you got your mortgage made a mistake on it. Either the rate was wrong or it was not the type of mortgage that you were led to believe that it was going to be. Or there were other errors in the documentation.
Any of these errors that they committed would enable you to get your mortgage company to negotiate with you. That would enable you to have them admit they were wrong and give you a lower interest rate and a lower payment.
Your other alternative would be to contact your lender and request them to modify your mortgage and reduce your monthly payment.
Let me ask you.
How well do you know the law? How skilled are you at reviewing your mortgage documents to see if your mortgage company made a mistake? If you don’t have any knowledge here, how long would it take you to acquire the knowledge you would need to be successful against your mortgage company and win your case?
Let’s say that you just wanted to have your mortgage modified and your monthly payment reduced. Could you ever be sure that the new reduced payment you got was the lowest that you could have gotten?
Now let’s look at your second choice.
You can have someone who has a background in this area and who has helped other people who have faced foreclosure represent you. This may be a lawyer or an expert in the field.
What are the advantages of the second choice?
Ø The person you hire is an expert in the field.
Ø They know what can and cannot be done.
Ø They can review your case and let you know whether to take legal action or seek a loan modification
Ø They can also make sure that any reduced monthly payment is the lowest that you can get.
If I were facing foreclosure, I would want the best person I could find to represent me. I would want to make sure not only that I was I able to save my home but also that if my monthly mortgage payment was modified, I got the lowest payment that I could get.
If you want a lawyer to represent you, you may have to pay a retainer fee upfront. You can also check with your local county Bar Association to see if you can get free legal assistance.
If you hire a lay expert to help you, there is no upfront fee. Their services will be paid by the lender.
In addition to facing foreclosure, you probably had other financial issues that you are dealing with and the circumstances that led to these.
Did you lose your job and is that the main reason for the situation you are in? If it is, then by hiring someone to help you with the foreclosure, you can spend more time looking for new employment.
Do you have a lot of credit card debt? Is that troubling you too? Get outside help here also? Why spin your wheels trying to correct problems on your own when experts in that area can do it for you more quickly?
Does a family member have a medical condition which requires ongoing treatment? Has that caused your financial crisis? By turning over your financial problems to experts in their respective fields, you will free yourself to spend more time with your loved one and your family. You will not be worrying about how you are going to make it through the financial crisis and you will be able to focus more on the key people in your life.
You may realize that a lawyer would be the best one to help you with the foreclosure you are facing. However, you don’t have the money for their retainer. I would suggest that you find it somewhere even if you have to get an advance on a credit card for it. The money the lawyer will save you will more than offset the initial retainer you have to pay.
You and your family are worth getting help from experts to deal with the challenges you are facing.
Much Success,
Mark Elkins
