Every month, hundreds of New Mexicans face the prospect of foreclosure.
The foreclosure process can be complex and difficult for a homeowner to navigate. It’s easy to get bogged down in paperwork, and
dealing with lenders can be confusing and stressful. Put an expert on your team during these proceedings to ensure your rights are protected.
There are three main ways talking to a lawyer can help you during your foreclosure:
- Loan Workouts or Mortgage Modifications
- Detection of Predatory Lending Practices
- Delaying Foreclosure
In many instances, legal action can prevent foreclosure, but be wary of any attorney who tells you they can save your house without first knowing all the details of your case.
Loan Workouts/Mortgage Modification
Do you need help working out a mortgage modification? A loan workout is a restructuring of your debt that could allow you to avoid foreclosure. At New Mexico Financial Law, I can help you negotiate with your lender to reach terms that will allow you to stay in your home. Through a mortgage modification, you may be able to lower your monthly payments, interest rate, principal, and reduce or even eliminate late fees and other penalties.
Predatory Lending Cases
Are you the victim of predatory lending? Steering and coercing, loan flipping, mandatory arbitration, excessive fees, unnecessary products, unfair denial of a mortgage modification, and unfair prepayment penalties are all ways that lenders can exploit you. With an attorney on your side you protect yourself from these manipulative, and sometimes criminal, practices.
Unfortunately, in some cases, there is no way to stop foreclosure. However, an effective foreclosure defense may have the secondary benefit of getting you much needed time. Be that as it may, there must be some reasonable basis to defend against the foreclosure action. Because the plaintiff, the bank in most cases, has the burden of proof and there are many factual and legal issues that are presented in a foreclosure case, it is usually appropriate for an attorney to defend against a foreclosure action. This can buy you time to get back on your feet, whether that means getting a new job or recovering from an injury or illness.
Of course, no two cases are exactly alike, and these are only a few of the ways that an attorney can help you during the foreclosure process. I have over 20 years of court room experience, and I will fight to ensure your rights, and your home, are protected.