Law Articles - Loss Mitigation Attorneys Help You Fight Foreclosure


by ANDREW STRATTON - Date: 2010-03-08 - Word Count: 511 Share This!

Like millions of Americans, you may be dangerously close to home foreclosure or facing the reality of it already. While you may think your only option is to throw in the towel and walk away, there are ways you can save your home, credit score, and begin rebuilding your life once again; however, you can't always do it on your own, which is why a loss mitigation attorney can be a valuable asset in this fight.

There are many consequences of undergoing foreclosure that can affect your life for years to come. The first and inevitable is a huge hit to your credit score. Exactly how much damage this will cause you, will depend on a variety of factors, but it will remain a blight on your credit history for up to seven years, making future loans, even those not related to homeownership, all the more difficult to obtain.

What's worse is that if you listed any other properties as security when applying for your original loan, the bank may have a right to seize these as well. You could also face further taxes on your former home.

A loss mitigation attorney can help you compromise with lenders and find a reasonable solution for both parties.

Many individuals are not fully at fault for the risks that many banks chose to take during the real estate boom. During the boom, loans became readily available and were leant to those who were not truly qualified, eventually the mortgage rates rose sharply as the industry collapsed, which resulted in the current immense amount of foreclosures. Lender greed doesn't stop there, however, and there are many unscrupulous companies taking advantage of distressed homeowners, offering fraudulent loan modifications that drive people further into debt.

It's important to be cautious of any quick fix schemes or companies that claim to be able to help you reduce your loans.

A loss mitigation attorney is the only truly qualified professional who can help you negotiate the terms of your loan and find a plausible solution. There are many ways he can approach your case, including requesting lower monthly payments and interest rates, changing an adjustable rate to a fixed rate, and allowing for payment extensions. It will be between you and your attorney to discuss which route will best suit your budget and lifestyle needs, as well as which the lender will find acceptable.

Loss Mitigation attorneys are your best ally against foreclosure; however, they can be costly. You'll want to consult with a qualified professional first in order to help you measure the costs against the potential gains after negotiations are completed.

Many people can benefit from the services of a loss mitigation attorney, but there are some cases where foreclosure might be for the best. For more information you could contact a professional near you.

If in need of a Loss Mitigation Attorney Chicago has professionals dedicated to offering you the best advice on any difficulty with your property transactions. Perfect legal strategies will be drawn up for your benefit. To know more, visit http://www.sulaimanlaw.com/


Related Tags: loss mitigation attorney chicago, foreclosure defense attorney chicago, foreclosure defense lawyer chicago

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