by Kristen Furia

Created on: January 04, 2009

Are you falling behind on your home mortgage payments and afraid that you may be facing foreclosure? You should know by now, that with the current economic crisis our country is facing that you are not alone. According to the Mortgage Bankers Association, approximately 4 million borrowers are at least one payment behind.

Do not feel that you are out of options at this point. A foreclosure lawyer will fight for you and find a way to keep your home from going into foreclosure. They specialize in mortgage loan modification and can challenge the foreclosure process for you. They will research the steps taken by your lender to be sure that they have gone through with the foreclosure proceedings correctly. The lawyer will also negotiate the existing terms with your lender. They will work to reduce your interest rate and give you a lower monthly payment. A lawyer may possibly be able to lower your mortgage balance, or even eliminate a second mortgage balance, depending on your individual situation. The foreclosure attorney's primary goal is to arrange payments that are more affordable to you, the homeowner. This will stop your foreclosure and help you to get your financial situation back under control.

It was on December 20, 2007 that President Bush provided homeowners with a three year timeframe to refinance their mortgage without having to pay taxes on the debt forgiveness that they receive. This relief comes from the Mortgage Forgiveness Debt Relief Act of 2007, signed by President Bush. An experienced foreclosure lawyer can help you to take advantage of this new law which could save you a lot of money on mortgage payments and taxes.

In the most extreme cases, if your financial situation cannot provide means of payment even after a loan modification, a foreclosure attorney can explain bankruptcy options available to you. If he suggests that you file for Chapter 7 bankruptcy, you will be provided with additional time to acquire the funds needed to stop your foreclosure. Chapter 13 may provide you with a more permanent solution to the foreclosure process, but only an experienced foreclosure lawyer can fully explain how these options could benefit you.

Remember, you have the right to fight a foreclosure lawsuit. The key to winning the lawsuit is fast action from you. It is very important that you find a foreclosure attorney to protect your rights. He can provide you with all of your legal rights and try to reach a resolution with your lender during the litigation process. If both the lender and the homeowner agree to a resolution then the foreclosure will be dismissed.

Choosing the right foreclosure lawyer is very important. Be sure to ask how many cases like yours that he has handled and how successful he has been. Lawyers all have specialties so be certain that before you enter into a contract with any lawyer that his specialty is foreclosure. You are trying to save the home you worked so hard to achieve. Do your research and choose a foreclosure lawyer carefully.

Learn more about this author, Kristen Furia.
Click here to send this author comments or questions.