In the United States as well as many other countries many residential and commercial properties are purchased by money the buyer has borrowed for the purpose. This money, called a mortgage is for at least a portion of the money needed to buy the property. Once the sale has been completed the new owner has the responsibility of making period payments to repay the loan until such time as it is paid back in full. If the purchaser gets behind on making the agreed upon payments or goes into default, the lender, often a bank can start foreclosure proceedings where the lender can sue to regain lawful possession of the property. When this happens there are a number of actions the current property owner can take to fight the suit; the owner can contact the lender direct and attempt to work out new payment provisions, hire a foreclosure lawyer in Royal Palm Beach or file for bankruptcy protection.
The easiest way to fend off this legal action is to make direct contact with the lender that holds the mortgage in an effort to work on way that will bring the payments up to date. The bank or other lender does not want to foreclose on the mortgage; this is often the last straw. The mortgage holder does not want property on his books; it is not in his best interests. The cost and the time it takes to purse a foreclosure suit is not something the lender wants to get involved in if it can be avoided. In many cases the lender and the borrower can approach the problem and find a way to get the payments up to date and stay current, the lender will make great efforts to see that this happens.
If a negotiation is not successful and the foreclosure lawsuit carries through then the borrower is well advised to hire a foreclosure lawyer in Royal Palm Beach. The lawyer will go through all the pertinent documents that pertain to the loan and ensure that they were prepared and filed legally in full accordance with the laws of the jurisdiction where the loan was made and filed. The laws that apply to foreclosure are not universal, they are different from one jurisdiction to another and in order to file for foreclosure there are very specific steps that must be taken by the lender. If these procedures have not been followed to the latter then the lawyer will determine the legal recourse that his client has.
If you are faced with foreclosure there are a number of tactics that a seasoned foreclosure lawyer in Royal Palm Beach can employ to help the situation. To explore all these ways you are invited to contact The Law Offices of Sean I. Koplow.
