Foreclosure Lawyer Scottsdale, AZ
If you are no longer able to keep up with your mortgage payments, it is important to contact a Scottsdale, AZ foreclosure lawyer for help. Not being able to make house payments is a very serious issue that the bank will not hesitate to act upon — at which point you lose your home. Do not go it alone, instead contact an experienced attorney who can share all options available to you. Learn how a lawyer can help you through this stressful time, and then contact one at Wright Law Offices for help today.
Lender Negotiations
If you have kept up with mortgage payments in the past without issue, most lenders will be open to negotiating what you owe. This can include changing your payment plan so that it is more feasible for your income level. It is important to bring along an experienced Scottsdale foreclosure lawyer to conduct these negotiations. They will be up to date on the latest laws and regulations. Additionally, they will be there to protect your interests while your lender is protecting their own.
Request Forbearance
Depending upon your case, you may be able to request forbearance. This means that you may be able to stop making payments — or at the very least significantly reduce monthly payments — for up to one year. This option is good for those that have hit a rough patch in life, such as losing a job, so that they are able to get back on their feet before resuming their regular payments. With a lawyer representing your case, they will do their best to protect your credit. Some lenders report forbearance to credit companies, even if it is only temporary. However, the damage to your credit score can be long lasting.
Modify Your Loan
Another way to prevent a foreclosure all together is by working on a loan modification. This is where an agreement is made with your lender to decrease the monthly payments you owe. What this means for your mortgage is that the term of the mortgage is extended to compensate for the lower monthly payments. A qualified attorney will work to get you a fair amount that fits your budget without trying to ask your lender to extend your loan for too long.
Deed-In-Lieu of Foreclosure
While not an option an attorney likes to take because they would hope to keep you in your home, your lawyer can help you file a deed-in-lieu of foreclosure. What this means is that you hand over ownership of your home to your lender. The main reason for doing this is so that you are no longer responsible for what is owed on your mortgage. No matter what you decide, your lawyer will be there every step of the way to keep you informed of what happens next in the process and to answer any questions you may have.
If you are facing foreclosure, it is recommended that you reach out to a knowledgeable attorney for help to try and avoid foreclosing on your home. Contact a Scottsdale foreclosure lawyer at Wright Law Offices for help protecting your home today.