Hiring a Mortgage Attorney for Your Foreclosure Settlement

When your lender forecloses on you, it may feel like the deck is stacked against you. Laws in most states don’t give you a lot of options, so having an experienced and effective foreclosure attorney working for you offers your best chance of getting a settlement that protects your financial interests.

In this Litigation Guide, we want to share 5 tips for hiring a foreclosure settlement attorney.

Tip #1: Put together a paperwork file

When you sit down with a foreclosure attorney, it will help expedite the process if you have things like a payment history for your loan, contact information of the lender and a brief synopsis of why you got behind on your mortgage. The synopsis should be one page long or less and outline the reasons that caused you to default on the mortgage including health issues, loss of work, unexpected expenses, divorce or separation, etc.

If you believe you were the victim of predatory lending – the lender offered you a mortgage they should have known was too big for your income to handle – then a skilled mortgage attorney will use those facts in your defense.

Tip #2: Get references on a qualified foreclosure attorney

Look for references and reviews on Google, Angie’s List and Yelp before selecting a foreclosure settlement attorney. If you have friends or co-workers who have used a foreclosure attorney, ask them their opinion of how effective their lawyer was.

Tip #3: Interview each attorney before spending any money

When you find three or four with good reviews, call each one and ask about their experience and how they can help. Give them your accumulated paperwork and ask them what strategy they’ll use in getting you the best foreclosure settlement. Most provide a free consultation before you have to hire them.

Tip #4: Understand your options when facing foreclosure

Have an idea of what you want the outcome of the process to be. Do you want to walk away from the mortgage? Do you want to rework it and try to stay in the home? Is a loan modification an option? Understand these options and the foreclosure lawyer will help you decide which one is the best for you.

Tip #5: Hire the mortgage attorney with the plan that meets your needs

Take your time hiring a foreclosure settlement attorney. You want to find one that supports your goal in the process and has a real strategy for attaining that goal. When you do, sign them up to fight for your case.