8 Tips for Choosing a Foreclosure Attorney
Foreclosure is an unpleasant and often grueling experience that most people wouldn't wish on their worst enemy. However, it's become a more common occurrence with the creation of evermore exotic mortgages and it's a process that's almost impossible to navigate without a good attorney. There is no surefire recipe for choosing a foreclosure attorney, but a few tips will help simplify the process and eliminate poor choices.
Other People Are Reading
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Seek Testimonials
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Chances are that someone you know has gone through a foreclosure process. In the summer of 2011 foreclosures represented nearly one-third (31 percent) of all home sales in the US, according to real estate research firm RealtyTrac. If you know someone who has recently used a foreclosure attorney, ask for a recommendation.
Check Reference Sites
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The Internet contains many websites that rate professional service providers, including lawyers; examples are LawyerRatingz and Lawyers.com. If you have a foreclosure attorney in mind, use these sites to verify her performance and check out feedback from clients and peers.
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Check Rates
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Paying for a lawyer throughout the foreclosure process can be very expensive depending on the amount of billable hours and the hourly rate charged. If you narrow your search to two or three attorneys and are confident with their abilities, find out what each charges. If you discover a notable difference in rates, this may help you decide which attorney to choose.
Verify Local Expertise
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In real estate, market characteristics vary from one city to another and oftentimes even from one neighborhood to another. Choosing an attorney with expertise in your city and even the area where the foreclosed property is located can be crucial to working out any short-sale solution to the foreclosure. Real estate attorneys familiar with property values in the area will help fetch the highest price in the event of a short sale.
Ask Neighbors
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If you live in an area with a high rate of foreclosures, it's likely that at least one of your neighbors has experienced a foreclosure. If this is the case, seek out advice. Chances are they'll be able to recommend a good foreclosure attorney or at the very least discourage you from using an incompetent one.
Find Nearby Foreclosures
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Search the real estate advertisements in your city or neighborhood newspaper or online. Identify any short sales in the "for sale" listings near the location of the foreclosed property. Use the short-sale addresses to try to contact the property owners regarding their foreclosure attorneys.
Ask Your Bank
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Contact the bank holding your mortgage; a bank representative may be able to recommend a good foreclosure attorney. In fact, choosing an attorney that the bank is already familiar with and willing to recommend may speed up the foreclosure process and lead to a more favorable outcome than using an attorney unknown to the banking staff.
Check Payment Options
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Payment methods vary greatly from one lawyer to the next. Some foreclosure lawyers require payment up front, while others may be more flexible and willing to work out a payment plan. Explore your options until you find a lawyer willing to work on your payment terms.
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