Foreclosure Attorney Assistance

First and foremost it is important to understand that foreclosure is a legal action. Therefore, hiring legal counsel is perfectly within your rights as a homeowner who is facing the possibility of foreclosure.  Knowing your legal options and what possible relief programs you may qualify for can be explained thoroughly and clearly by an attorney representing you.

Who Is Affected?

Foreclosure does not only affect the actual home owner(s). Many times the home’s occupants may be renters who, in turn, become displaced due to the home being foreclosed out from under them.

Recent housing studies indicate that minority households disproportionately experience foreclosures. Other overly represented groups include African Americans, renter households, households with children, and foreign-born homeowners. For example, statistics show that African American buyers are 3.3 times more likely than white buyers to be in foreclosure, while Latino and Asian buyers are 2.5 and 1.6 times more likely, respectively. Another statistical example, over 60 per cent of the foreclosures that occurred in New York City in 2007 involved rental properties. Twenty per cent of the foreclosures nationwide were from rental properties. One reason for this is that the majority of these people have borrowed with risky subprime loans.
There is a major lack of research done in this area posing problems for three reasons. One, not being able to describe who experiences foreclosure makes it challenging to develop policies and programs that can prevent/reduce this trend for the future. Second, researchers cannot tell the extent to which recent foreclosures have reversed the advances in homeownership that some groups, historically lacking equal access, have made. Third, research is focused too much on community-level effects even though it is the individual households that are most strongly affected. Many people cite their own or their family members medical conditions as the primary reason for undergoing a foreclosure. Many do not have health insurance and are unable to adequately provide for their medical needs. This again points to the fact that foreclosures affects already vulnerable populations.

The Value Of Having An Attorney

It’s difficult for the home owner to get all the answers since each state has separate rules and regulations regarding the foreclosure process. The majority of the paperwork is tedious and filled with legal jargon. An attorney will have the ability to review all the documents for accuracy and compliance, discover and present inaccuracies that could prevent the foreclosure, and provide you with all the options available to save your home.