Foreclosure – Dodging the Sword

Like “the Sword of Damocles,” the threat of foreclosure hangs over any mortgaged home until the mortgage is paid off. Fall behind on a few mortgage payments and your mortgage lender could foreclose.

Foreclosure is the process by which a lender or mortgage company vastly accelerates the monthly payments into one lump sum; declaring the mortgage immediately due in full. If you can’t pay the entire cost of the mortgage at the time of foreclosure the lender can seize your home and resell it.

If your former home is resold for less than the cost of your mortgage at foreclosure you’ll be responsible for the remaining unpaid balance. You could end up homeless, in further debt and have your credit destroyed – all in one fell swoop.

Despite the grim possibilities surrounding a potential foreclosure, don’t panic if you think you may miss a mortgage payment. Even if you’re in a financial slump there are many things you can do to avoid foreclosure.

The first thing you should do is consult with an attorney to find out what your legal rights are. You may need legal representation to ensure your rights are upheld. You should also contact the U.S. Department of Housing and Urban Development (HUD) at 1-800-569-4287. HUD can provide you with the phone numbers of many reputable housing counseling agencies. The agencies can give you vital information on housing assistance programs offered by the government, private institutions and community organizations.

Luckily for borrowers, most mortgage lenders don’t like to foreclose on homes. If your home is repossessed the lender takes the risk of not recouping the full mortgaged value of the home at resale; a prospect no lender looks forward to.

Before you ever acquire a mortgage you should find out if any of your potential lenders will be flexible with you if you ever end up in a financial crisis. The best lenders will work with you to help you get back on track and start making regular mortgage payments again.

If you end up having difficulties making your regularly scheduled mortgage payments you need to reply to any and all letters the lender may send you regarding the status of your loan. Ideally, you should contact your lender as soon as possible if you have any problems making your mortgage payments. Request the contact information for the lender’s loss mitigation or foreclosure department for further assistance.

If you can provide documentation to support your claim of financial hardship your lender may be able to provide you with some alternatives to help you get back on track in paying off your mortgage.

Some of these alternatives include:

Repayment Plans

If you qualify for a repayment plan, your lender may allow you to add a percentage of your missed payments to your monthly payment once you resume making your regularly scheduled mortgage payments.

Mortgage Modification

If you qualify for a mortgage modification you can refinance your mortgage, extend the term of your loan or both. This will allow you to pay lower monthly payments.

Special Forbearances

If you qualify for a special forbearance you may be able to reduce or even suspend your mortgage payments for a few months. You may qualify if you lost your job, have your income cut or your living expenses drastically increase.

Partial Claims

If you have a mortgage insured by the Federal Housing Administration (FHA) or Veterans Administration (VA) and your loan is between 4 months and 1 year overdue, your lender may file a partial claim with HUD. You may qualify for an interest free loan to pay off your late payments if you can afford to resume regular payments. HUD will place a lien on your home for the amount of the loan, payable when you either pay off your mortgage or sell your home.

Whatever you do, don’t move out of your home if you’re having problems paying off your mortgage. You may be disqualified for payment assistance if your home is considered abandoned.

If you end up way over your head financially and won’t be able to save your home, even with assistance, you can minimize the financial damage of foreclosure proceedings by doing one of the following:

Holding a Pre-Foreclosure Sale

If you qualify for a pre-foreclosure sale you can try to sell your home for fair market value and your lender may forgive any remaining mortgage balance if your home sells for less than you paid for it. HUD may reimburse the lender if you qualify for a pre-foreclosure from the agency. To qualify, your mortgage must be at least 2 months overdue and your income must be cut or your expenses increase due to no fault of your own. Under a pre-foreclosure agreement, you may have anywhere from 3 to 5 months to sell your home before foreclosure takes place.

Giving Back Your Home

If all your available options have failed you may qualify for giving back your “deed-in-lieu of foreclosure.” You will lose your home but your credit won’t be as negatively impacted as it would if a foreclosure took place.

Whatever you do, you should explore every available option to avoid foreclosure on your home. If you can’t “dodge the sword” of foreclosure, the consequences may negatively impact your life for years to come.

Consult Best Legal Lawyers to Get Out of The Law Suits

The Law SuitsEveryday we enter into deals, negotiations and contracts with other people and businesses. To make the deal and negotiations in your favor, sometimes we need legal advice from professional lawyers and solicitors who are familiar with the commercial legislations of a particular state or country. All types of people like a novice, business owner, entrepreneur or the owner of a MNC needs some form of legal services.

A great lawyer is one who gives adequate time to understand the concern of the individual requirements of the person in trouble. The attorney should listen carefully to the interests of the business owner and work hard to ensure client satisfaction which is must. Then they make a draft of a legal solution that guarantees helps to the company to meet its requirements and objectives.

Before signing an agreement with an attorney, ensure that they are specialized in the area where you are looking for. The attorney should be able to give you the best solution and is capable to take you out from the legal problem and other consequences. In cases of making a will in Dodge country, an attorney should be aware of the local laws on the formation of wills. Small claims lawyer Dodge County WI helps to handle all types of small legal issues of an individual or a company and grant their clients complete peace of mind so that they can continue their life without any obstructions.

Some of the legal issues faced by majority of people include property disputes, commercial disputes, professional negligence issues, traffic and criminal defense, acquisitions and mergers, etc.. Traffic ticket lawyers help to get rid of the tickets imposed by the government. Other types of property disputes can be dealt in best by Landlord tenant lawyer Juneau WI.Seek solicitor help to settle other types of contractual disputes and other misrepresentation claims.

Juneau WI Traffic Ticket Lawyers advises on how to deal with traffic ticket cases issues and settle the dispute. Seek help from commercial attorneys for the settlement of other business related disputes that includes issues related to shareholders, property and other family business disagreements. In case of family property issues, it’s better to use legal service for Making a will in Juneau WI.

The attorney advises their clients as how to deal with various property issues and settle other disputes to get satisfactory settlements. Further, they give valuable legal advice other regulations and Beaver Dam, WI Traffic Ticket Lawyers helps to get out of the troublesome allegations. These lawyers by giving the best legal advice and service protect people when they find themselves on the wrong side of the law.

The legal services help business clients to get rid of the false claims of other people, businesses and government. There are so many legal service providers in various states and countries throughout the world and all these services play an important role for the betterment of our society and our lives. This is because these attorneys work in favor of the human rights and protect these rights.

Why Hire The Best Personal Injury Lawyer

The Best Personal Injury Lawyer

Sometimes, an accident occurs and an individual is injured severely. Another individual may be responsible for the accident due to their negligence. In such a case, the responsible individual should own up and be responsible for the damages incurred.

However, many are the times some individuals opt to dodge their responsibilities. Sometimes, even an insurance company may decline to pay for your damages despite you having fulfilled all parts of your side of the requirements. In such cases, a personal injury lawyer can be of great help.

Roles of a personal injury lawyer

A personal injury lawyer can offer guidance and assistance such as:

• Providing a client with legal advice.

• Offering the client legal representation in a court of law.

• Conducting research about your case and the scenario where personal injury occurred.

• Keeping you updated on the legal proceedings regarding your case in the event that you happen to be hospitalized or incapacitated.

These are some of the main duties carried out by a personal injury attorney. It can be very hard for an injured individual to carry out research and come up with a comprehensive claim in a court of law without the help of a personal injury attorney. This is why hiring a personal injury lawyer is very important. Many people have seen the importance of disability lawyers after being involved in an accident, and seeing just how crucial a role they play in an injury lawsuit. You should know the importance of injury lawyers very early and be ready to engage their service any time. Be prepared for any eventuality.

However, getting the best personal injury lawyer is not easy. You should be interested in getting the best lawyer who will help you win your case. You need to consider certain factors in order to hire services of the best lawyer who will be determined in seeing you win the case.

Choosing the best personal injury lawyer:

• Hire a lawyer on time: Getting a lawyer in enough time is very important. This is because the lawyer will be able to gather fresh evidence after the accident and bring it before the court. If you are prepared early you may get an advantage if your opponent is still unprepared.

• Know your personal injury Lawyer: It is important for you to realize that lawyers have their own specializations. Hiring a personal injury lawyer who specializes on personal injury is very important. Know exactly what their specializations are. This is important because they have more experience in their field of specialization than the ones who practice without any specialization.

• Review: Reviewing the academic background and experience of a personal injury lawyer is crucial. Experienced personal injury lawyer will give you high chances of winning the case as they will use their knowledge from the previous cases in coming up with a good claim.

• Payments: Ensure that you hire a personal injury lawyer who will require payment after you have won the case.

Although they may charge you more for their services, a lawyer with good reputation is worth the price for the quality of the work they will do for you.