You may have heard of foreclosure before, but if you’re like countless Americans across the country, you might be a little hazy on the details. For many of us, foreclosure is something that they may have heard of in passing – we know that it has to do with where someone lives, and we know that it’s not good. However, if you find yourself facing foreclosure, you’ll need to learn all you can in a short amount of time. Fortunately, you can read on to get more familiar with foreclosure.
As a foreclosure lawyer from a firm like the Law Offices of Neil Crane can explain, foreclosure happens when a debtor fails to pay back their home loan. In other cases, a foreclosure can occur if the homeowner has violated the terms of their mortgage. A foreclosure is a serious threat, and if steps aren’t taken quickly, it could turn into an eviction – and worse.
The Cost of Foreclosure
The first thing on your mind might be panic, but after that initial stab of adrenaline, you’ll have many other questions on your mind. “Will I lose the house?” “What about my other assets?” “Where will we live?” “What happens next?”
While it’s true that an eviction is one of the worst case scenarios if you’re facing foreclosure, there are several other ways a foreclosure can impact the rest of your life. Your credit will take a major hit, which can affect your ability to apply for loans or housing in the future – a definite problem if you’re trying to find a new place to live after an eviction. Severely damaged credit can also prove a major stumbling block if you’re looking for employment.
Of course, there’s also the non-financial impact of foreclosure. You may suddenly be forced to leave a neighborhood in which you and your family have made meaningful connections and friendships, and your children may have to change schools completely, disrupting their education in a way that might not be recoverable. Stress, embarrassment, and uncertainty are the hallmarks of foreclosure – but a foreclosure lawyer can help you through the process with minimal fuss.
Why Should I Contact a Foreclosure Lawyer?
Many people receive foreclosure notices and assume that the process has already been finalized. While it may seem like the case on the surface, it’s important to get a second pair of (legally experienced) eyes to look over your documentation and current housing situation. There are rules in place for every foreclosure, and if the rules weren’t followed to the letter, it’s possible to contest your foreclosure.
The right foreclosure lawyer can examine the paperwork associated with your foreclosure to look for any discrepancies that may invalidate your foreclosure. For example, if the party in charge of managing your loan is trying to foreclose your property while also considering your application for a foreclosure alternative, they’re in violation of federal law.
Having an experienced legal guide in your corner during a foreclosure is a smart way to keep yourself in your home, while also minimizing any impact a foreclosure may have on you, your family, and the rest of your life. If you’re facing foreclosure, don’t hesitate – reach out to a foreclosure lawyer today.
