Login  |  Register
Lawyers' Directory  - Article Details
  • Active Links: 6208
  • Pending Links: 1021
  • Todays Links: 0
  • Total Articles: 17
  • Total Categories: 51
  • Sub Categories: 1500

San Diego Foreclosures: What Can a Lawyer Do for You?

Date Added: May 16, 2008 04:19:22 AM
Author: RealWealth06
Category: California: Property Law and Real Estate
The foreclosure rate in California set yet another record in the second quarter of 2007. In San Diego County, a record number of homes were repossessed by mortgage lenders, reflecting the state's worsening housing slump. What can you do if you are staring down the barrel of foreclosure? A foreclosure lawyer may be the answer.

Losing your home to a foreclosure is a traumatic, life-shattering experience. If your real estate property is about to be foreclosed on, it is important to know that it can be stopped. At the very least, you can save the home equity you have accumulated in your property; at most you should be able to avoid foreclosure altogether and keep your credit rating clean. Time, however, is of the essence.

There are many real estate law firms that specialize in foreclosure law. In the event that you are sued for a foreclosure, investing in the services of a foreclosure legal team may just help save your home. Many of these foreclosure attorneys will have special fees, or will make arrangements with you to pay the fees over time, thus preventing you from going even further into debt as you fight the foreclosure.

They can negotiate with your lender on your behalf to stop further action on your foreclosure, and give you a chance to get your finances back in shape. Some foreclosure legal teams will also work with your other creditors so to allow you extra time to pay these late fees and avoid penalties to allow you the chance to put your funding where it is most needed. This way you have the opportunity to meet your back-payments on your mortgage, as well as any late fees and accrued costs in an effort to save the equity you have built up in your home.

Your legal team will be able to advise you objectively as to whether or not a refinancing mortgage will be beneficial to you and, if not, to contact your lender in an effort to assist you in putting off the foreclosure until alternative funding is found.

As a general rule, almost 90 percent of those facing foreclosure that apply for a new financier or lending institution will usually be turned down for that refinancing loan.

Many, if not most, are will not notified of the turndown until it is nearly past the last chance they have to save their home from foreclosure. And even if they are approved, the interest rates will be a much higher than those charged previously. Often, the monthly payments and the fees can be almost five to six times what you previously paid. The lender typically makes you the offer at the latest possible opportunity; coupled with your dire circumstances, you are pressured into accepting what might otherwise have been a totally unacceptable "deal".

Regardless of how far behind you are with your mortgage payments, your situation may still be hopeful and recoverable from foreclosure. If you are in doubt as to what course you should take, take it to a foreclosure attorney. Here are a few links that you can use to find one in your area:

This link will provide you with a list of San Diego foreclosure attorneys

Here are other useful links:

You must be logged in to leave a rating.
Average rating: (0 votes)

No Comments Yet.

You must be logged in to leave a Comment.
A Los Angeles Bankruptcy lawyer with 30 years foreclosure fighting experiece explains: Tips on Surviving the Storm if Your Lender Won’t Work With You
A Los Angeles bankruptcy expert gives you Tips on Surviving the Storm if Your Lender Won’t Work With You
5th grader -- Intellectual Property
Easy to understand description of intellectual property including patent, trademark, and copyright. From the perspective of 1st and 3rd grader who think they are smarter than 5th graders.
Debt Collection in Illinois
This articles covers some of the basics of debt collection in Illinois.
Illinois Estate Planning For Young Families
This article covers the general topic of estate planning in Illinois for young families and why it's important.