Conflict and Foreclosure - What is it and How Can I Avoid it?
Conflict and foreclosure issues are a fact of life in today's real estate market. With the housing bubble bursting in the 90's many lenders were not very discriminate with who they approved to finance and sell homes. With all of these conflicts, the number of foreclosures has risen dramatically, and now is one of the worst times to invest in any property. Many investors are choosing to foreclose on their property rather than try and sell it through a real estate agent or public auction. The lack of professional representation when selling a property and the high costs associated with using a real estate agent can cost you thousands of dollars in attorney fees and costs. In some cases, investors have had to file bankruptcy in order to stop the foreclosure process.
Because of the recent rise in foreclosures, there are many attorneys who specialize in foreclosure law. They are well trained in the current foreclosure laws and can assist you in finding out if you are at risk for conflict and foreclosure. A good attorney can also prevent you from making common mistakes that can cost you your investment. Most conflicts and foreclosure happen because the mortgage company was unable to provide the necessary documents to support the loan. Other common problems can occur if the original terms of the contract are being violated such as rollover balance or prepayment penalties.
The best way to avoid these types of conflicts is to have your property appraised. If the value of your property has declined significantly, you may be able to renegotiate the loan terms. Having a property appraised and renegotiated to better suit your situation can save you thousands of dollars in legal fees and provide you with the security of having your investment paid off sooner than later. While conflicts and foreclosure are not easy things to deal with they do occur and by hiring an experienced attorney you can avoid any possible pitfalls.
by James Weller on 2021-01-21 08:57:03