Your attorney should consider negotiating with your lender even in the late stages of the foreclosure process. This is especially true if you believe or have evidence that the lender did not comply with the rules and technical requirements governing the foreclosure.
You might be able to negotiate a favorable position if the lender thinks it might be required to re-litigate the matter or repeat any part of the legal process which might end-up costing them additional time and money.
Lenders are first and foremost business people – it’s all about the money and they rarely take the matter personally. Furthermore, do not avoid considering your bankruptcy options should you not prevail at trial. Again, it is always wise to obtain a bankruptcy opinion well in advance of trial. But first, lets consider how you might renegotiate or even delay the process.
Negotiating Repayment Can Stop Or Delay Judicial Foreclosure Process
One of the most effective ways to stop or delay foreclosure is to negotiate repayment with your lender. You need to do this in good faith. But do not let fear, anger or embarrassment stop you from exploring a negotiated settlement. It may surprise you that lenders, if approached correctly, are often quite receptive to working out the outstanding debt with you. However, don’t be mistaken about the lenders intentions. Lenders are not altruistic, far from it.
Be clear on their primary objective. What lenders want most is to reduce their exposure of financial loss should they have to foreclose on the property. Lenders rarely make money through foreclosure – they make it by having borrowers like you continue making mortgage payments pursuant to the terms of the loan. This is especially true in a falling real estate market.
The problem that most people face is the discomfort and often embarrassing emotions that comes into play with having to confront the lender. This is why we strongly recommend that you remove yourself from the negotiation process by having an experienced foreclosure defense lawyer do your bidding for you.