Real Estate Lawyer
Very few real estate lawyers limit their practice to foreclosure law. Most however have a very good understanding of the process and procedures involved in a residential foreclosure and can be very helpful to you when it comes to negotiating a workout with your lender, preparing legal documents on your behalf and showing up to court for you. If you cannot afford a real estate lawyer it is recommended that you consider borrowing the money to retain one for guidance.
Bankruptcy Lawyer
Most bankruptcy lawyers are very familiar with the process of foreclosure and will counsel you on whether to consider filing for bankruptcy protection. At first bankruptcy may appear to be your best option, and many times it is, but you should consider all of its implications. You might be better served negotiating a work-out with your lender or engaging in a short-sale - there are many legal options to consider with your bankruptcy lawyer. Remember bankruptcy is often catastrophic to your ability to secure credit of any kind for a substantial period of time. You will want to know that you have exhausted all your options before filing for bankruptcy. A good bankruptcy lawyer will carefully go over each of your options and discuss the pros and cons of each legal option.
Real Estate Agent
Once you have had the benefit of legal counsel, it is advisable to contact a local real estate agent who knows your market and the needs of the local buyers and sellers. Many times these professionals are well connected to buyers who are actively looking to purchase properties in foreclosure. These buyers might offer a way for you to sell the property quickly but for significantly less money then you might get if you were able to have more time to list your property. These sellers, working through a real estate agent, know your time limitations and offer you the chance to avoid bankruptcy and foreclosure by selling the property quickly thereby avoiding substantial damage to your credit history.
Foreclosure Consultant
A foreclosure consultant works with people going through a foreclosure and for a fee might be able to help you stop the foreclosure process. The foreclosure consultant will assist you in assessing your debt situation, help you obtain an extension or workout with your lender and assist you in finding possible refinancing of your property. In many states such as California, a foreclosure consultant must have a real estate brokers license be bonded and must provide you with a written fee and service agreement. Be careful however, not all people that contact you claiming to be foreclosure consultant will actually be one. This area has been fraught with imposters who have clever schemes to separate you from your money and your property. It is strongly recommended that before you use a foreclosure consultant you thoroughly check this person background including references. In fact there is law in a growing number of states that regulates this occupation. For example, in California, a foreclosure consultant cannot, among other restrictions, charge you more then 10% of the amount of any loan he might obtain for you, cannot receive compensation from a third party such as a loan broker in your matter, cannot ask you for a power of attorney from you, and cannot assume an ownership interest in your property. Finally any contractual provision in the consultants written contract with you cannot limit the liability exposure of that consultant or it will be considered void as a matter of law.
Loan Broker
Loan brokers can be helpful if they are able to tailor the right type of loan for you. A reputable loan broker can help you select from a wide range of financing options and terms. A loan broker can deal on your behalf with potential lenders and counsel you on the pitfalls and dangers of certain types of loans. Choose with caution though, make sure the loan broker you are interviewing is licensed and is in good standing in their profession. Ask for references and make sure you speak to a number of brokers before making your choice.
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