Professional foreclosure defense is a necessity in order for homeowners to protect their rights and provide a viable opportunity for them to keep their homes. A client hires a foreclosure defense lawyer to protect his/her rights and interests in his/her home. A home is likely his/her most important material possession which impacts their most important non-material possession, their family. It is unimaginable not to have professional foreclosure defense.
Recently, the public has been made aware of fraudulent acts committed by major banks that usurp the legal process in an effort to quickly foreclose on American homeowners and save the banks millions of dollars. These acts, coupled with the enormous economic crisis that our country now faces, are the reasons why homeowners are in need of competent foreclosure defense attorneys to protect their rights and interests.
There are two types of foreclosure defense strategies utilized by attorneys:
- to keep you in your home for as long as possible, typically, charging a retainer fee of $500.00 per month, averaging $6,000.00 dollars in the aggregate. The issue in this type of foreclosure defense is that these attorneys are ill-equipped to provide the goal of most homeowners, which is to keep their homes. The fact that the majority of foreclosure defense firms do not assist clients with financial analysis and preparation of the documents which homeowners must provide to the banks puts their clients at an immense disadvantage. Basically, without the expertise of analyzing and compiling homeowners’ financials, the only service an attorney in this case would be providing would be to temporarily keep his/her in their homes until the inevitable conclusion, foreclosure and the loss of their home.
- the second strategy is for you to keep your home through the process of loan modification, restructuring, mediation, or conciliation with a homeowner’s lender/bank. This type of foreclosure defense attorney has a loss mitigation staff that analyzes and compiles homeowners’ financials. Due to the extra services and costs involved in assisting the homeowners, higher fees are mandated. This type of law firm typically charges hourly, at rates from $200.00 to $400.00 an hour. The problem with hourly billing, however, is that you never know how much the total cost of the foreclosure defense will be. Additionally, there are foreclosure law firms, such as Amerihope Alliance Legal Services, that charge a one-time retainer fee, which varies depending on the service and time required.
In Florida, it is paramount that foreclosure defense attorneys provide expert assistance in financial analysis. Mediation and/or conciliation may be, and usually is, the client’s last chance to keep his/her home. Homeowners require an expert to analyze and then present their financial situation to the lender(s) and/or respective counsel. In addition, an attorney ensures that the banks are abiding by the regulations that are imposed when providing a modification, as in the case with HAMP guidelines.
An adequate attorney can keep a foreclosure case delayed for months, but only a great attorney can resolve the situation and obtain for his/her client a successful outcome!