Foreclosure mills, the law firms hired to fight foreclosure cases for mortgage lenders, are typically staffed with people who are highly skilled at taking homes. In response, many homeowners choose to seek the aid of their own foreclosure attorney.
By seeking help from a foreclosure attorney, you’ll have more ammunition when you seek to protect your home in court. Here a few of the various ways in which Ohio foreclosure lawyers can help you keep your home:
Fight the foreclosure case. This is the most time-consuming, but potentially most powerful course of action. At worst, your foreclosure lawyer can help you keep your home for a longer period of time as they fight the action in court. At best, your foreclosure lawyer may be able to win the case outright.
Win the foreclosure case outright. If your foreclosure attorney is able to completely defeat the mortgage lender’s claim, you may ultimately prevail over the bank. If, for example, the lender secured the mortgage in a fraudulent manner, or has taken other actions that defeat its claim to the property, you may be able to walk away from the case with a clear title and keep your home.
Secure a government-sponsored loan modification. Of course, fighting the foreclosure in court isn’t for everyone. If you’ve recently fallen on hard financial times, but you want to keep your home, you may be eligible to apply for the Home Affordable Mortgage Program (HAMP) and the Restoring Stability Program. These programs have allowed many Ohio residents to keep their homes and pay much lower interest rates.
Negotiate directly with the lender. Foreclosure lawyers can help you keep your home by negotiating directly with your mortgage lender. Fighting a foreclosure defense attorney can be expensive for banks; so many lenders instead explore the possibility of refinancing your home loan. If you and the bank agree on a modified loan, it may choose to dismiss the foreclosure case.
Conducting a short sale. If it appears that you won’t be able to prevent foreclosure, and you don’t want to refinance your loan, you may opt to simply sell the house and give the proceeds to your lender. This process, known as a short sale, requires the approval of your bank, but it can be a cost-effective way to shed an unwanted property.