A foreclosure attorney is one who deals with foreclosure proceedings, a foreclosure attorney in Wellington FL can either work for the bank or lending institution, processing foreclosures as required or they can work for the individual who is fighting a foreclosure order or attempting to negotiate an equitable agreement.
Foreclosure law in the US is based on state laws and of course they vary. Although there are variables there are also a number of common issues that begin the foreclosure process, the process normally starts after the homeowner has missed payments to satisfy the terms of the mortgage. In most cases the lending institution, often a bank will call the home owner as soon as he or she misses the first payment. The objective is to collect the late payment. If the homeowner cannot make the payment immediately the institution will normally hold off with foreclosure procedures for a few months, hoping that the homeowner will be able to solve the problem and bring the account up to date.
The homeowner may attempt to delay the process by demanding to see the original promissory note. In many cases the mortgage is sold between lenders and it can be difficult to actually determine where the original note is. A foreclosure attorney in Wellington FL can assist the homeowner in making this request as well as helping the homeowner with other tactics designed to delay the process.
Delaying tactics are not good for everyone but they can be helpful if the homeowner is experiencing only a temporary financial squeeze and it appears that money will soon be available to pay the arrears. A foreclosure attorney in Wellington FL is intimate with foreclosure law and can find ways to contest the process every step of the way, allowing the homeowner more time. If immediate financial relief is not on the cards the attorney can help facilitate a short sale which does not have the same adverse effect on the homeowner’s credit rating and it usually is less expensive for the lender.
Eventually the homeowner will be served a formal notice of default or a final demand letter. If a letter has been issued it will stipulate exactly what has to be done and when for the homeowner to get the account current and stop any further foreclosure proceedings. Usually by this point it is too late to refinance the property or come up with an acceptable payment plan but the foreclosure attorney can still be of help to the homeowner by exploring all options available to him.
A foreclosure attorney in Wellington FL knows all the rights that are afforded an individual who is about to lose his or her home through foreclosure. If you are facing foreclosure you are invited to contact Law Offices of Sean I. Koplow.
