Lawyers Who Will Help You Keep Your Home
Foreclosure is the legal process a mortgage lender or county has at its disposal to repossess a person's home. The foreclosure process typically starts when the homeowner falls behind in mortgage payments and/or property taxes. The lender or county starts legal proceedings to repossess the home and sell it to recoup the amount owed. However, before the foreclosure results in an auction, two types of lawyers can help stop it.
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Real Estate Lawyers
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Real estate lawyers specializing in foreclosure defense fight for homeowners who want to keep their homes. Also called foreclosure defense lawyers, they defend homeowners throughout the foreclosure process, relying on their expertise in real estate law. For instance, real estate lawyers negotiate with mortgage lenders to find a resolution to foreclosure outside of court and they represent homeowners when the process does end up in court.
Bankruptcy Lawyers
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Bankruptcy lawyers also specialize in helping homeowners save their homes, representing them throughout the bankruptcy process. For example, bankruptcy lawyers file bankruptcy petitions with the U.S. Bankruptcy Courts, which will halt the foreclosure process with an automatic stay. They then attend meetings with creditors along with homeowners, using their knowledge of bankruptcy laws to eliminate foreclosure as an option.
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Lawyer Requirements
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Lawyers, regardless of their specialty, must follow a traditional route to work in the field. Thus, real estate and bankruptcy lawyers must complete seven years of postsecondary education, earning an undergraduate degree and then graduating from law school to qualify for the state bar examination. Passing the state bar is necessary before lawyers are allowed to advise and represent clients in court. According to the U.S. Bureau of Labor Statistics, the annual average salary for lawyers as of May 2009 was $129,020.
Considerations
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Only bankruptcy and foreclosure defense lawyers who are licensed to practice law in homeowners' states can help them. Therefore, if a homeowner lives in North Carolina, he can't hire a bankruptcy or real estate lawyer in Florida to represent him. The automatic stay prevents the lender or county from continuing with the foreclosure lawsuit or selling the home. However, the homeowner must pay his creditors the amount owed while keeping his payments current. Chapter 7 bankruptcy, a personal bankruptcy option, can't help homeowners who want to save their homes from foreclosure because its automatic stay doesn't cover foreclosures.
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References
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