Some law firms specialize in foreclosure law which is the legal procedure put in place to claim mortgage property from those who have defaulted on their loan payments.
A home foreclosure is a legal process that allows a lender to reclaim their property from the borrower who can no longer afford to pay their monthly mortgage payments. Home foreclosure procedures and laws differ from state-to-state, which is why you should hire a law firm that has extensive experience and knowledge in the area of foreclosure law of your state if you have defaulted on your home loan and about to go into foreclosure or are seeking to buy a foreclosed home.
Much of the foreclosure process is determined by whether or not the state uses deeds of trust or mortgages in order to buy real property. Usually, states that use deeds of trust employ non-judicial foreclosures and states that use mortgages employ judicial foreclosures. The difference between the two can be found in the area of the judicial procedure which requires action by the court on a foreclosed residence.
In the judicial procedure, in order to foreclose on a home the lender must prove that the homeowner is in default. When the lender has unsuccessfully made attempts to arrive at a solution with the borrower on their default, a lawyer can be contacted to pursue court action. The lawyer then will contact the homeowner in an attempt to resolve the default. If the homeowner is unable to pay the default off, the lawyer will then file a lawsuit in court. This lawsuit gives public notice that a lawsuit has been filed against the homeowner. This lawsuit provides evidence that the home is in default and provides court approval to initiate the foreclosure process.
In a non-judicial foreclosure, the legal process is based on deeds of trust which have a clause known as the power of sale. There is not requirement to go to court with this type of foreclosure and allows the trustee to begin a mortgage foreclosure sale. There is a requirement of the lender to issue a default and also to notify the homeowner about the default. If there is no response made by the homeowner, the lender can take the necessary steps to begin a mortgage foreclosure sale of the home.
If you are in default of your monthly mortgage payment and in foreclosure or about to be, contact an attorney that is knowledgeable in all aspects of foreclosure law. Going through a foreclosure can be stressful for all those involved and finding the best lawyer possible will ensure that your rights are protected. Even if your desire is to purchase a foreclosed home, your attorney should know the laws that govern you state in this area of real estate so you can get the best deal possible.
If you are in need of a good lawyer in any are of foreclosure law, contact a reputable law firm that has proven to represent their clients with the right accountability, ability, and attitude. The foreclosure process can be both a complex and sensitive situation and you are going to want your lawyer to return your emails and phone call promptly to ensure they have your best interests in mind. Call and schedule a consultation or visit their website for additional information and fill out a contact for so someone can get back to you as soon as possible.