As with most areas of the law, there are legal professionals who specialize in foreclosures. Foreclosure lawyers are used by both lenders and borrowers in foreclosure cases. Lenders use a foreclosure lawyer to file notices of default and to sue homeowners for deficiency if the sale of a property fails to cover the debt. Borrowers turn to foreclosure lawyers for legal advice and assistance with loss mitigation.
If you are a borrower in default, a foreclosure lawyer can advise you of the steps you need to take to keep your home. More importantly, they can act as a middle man between you and the lender when it comes to negotiating loan restructuring, payment plans and other loss mitigation procedures. Although most lenders will negotiate with you directly, you can often obtain better terms if you have lawyer to argue your case.
However, legal advice is never cheap. Foreclosure lawyers typically charge $100-500 per hour. Before you hire a lawyer, read up on the laws governing foreclosure. This will give you a head start when it comes avoiding foreclosure and you may be able to get away with hiring a lawyer just for the negotiating stage.
One of the best places to find a foreclosure lawyer is on the web. The website Lawyers.com (http://www.lawyers.com) has a state by state search engine for legal professionals all over the US.
Legal firms also advertise in the local yellow pages, in newspapers and in libraries and other public spaces. Even if firms you contact do not work with foreclosure law, they may be able to recommend a company that does. Housing counsellors may also be able to recommend a foreclosure lawyer, though this may mean paying twice, once for the counselling and once for the legal advice.
If you intend to file for bankruptcy to avoid a foreclosure, you should contact a specialist bankruptcy lawyer. The bankruptcy process is deliberately complicated and most people hire a professional to guide them through the process and file the petition on their behalf.
Information on Foreclosures
Real Estate Forclosures
Free Foreclosure Listings
Fannie Mae Foreclosures
Online Foreclosure Information
Mortgage Foreclosure Dictionary