When a person falls behind on their mortgage, the stress begins about their financial situation. Anxiety is doubled when a collection agency or mortgage lender uses scare tactics against the homeowner. Although most lenders begin foreclosure proceedings after about six months of missed payments, the process can be slow. Below are some of the tactics used by these companies as well as information on how a foreclosure lawyer in St. Louis, MO can help clients delay proceedings or stop abusive collection tactics.
Common Scare Tactics
Debt collectors and mortgage lenders use a variety of tactics to try to push homeowners out sooner. They may use aggressive lawyers to collect payments, or they may tell the homeowner that falling behind can get them arrested. Some change the locks on the home or cancel homeowner’s insurance policies. The worst of these entities tell homeowners that they will immediately lose the home if they do not pay off the mortgage.
Fighting a Foreclosure
The simplest way to fight a foreclosure is with a lawyer’s help. In addition to consulting an attorney, the homeowner should consult a credit counselor who will review the debtor’s expenses and overall income and recommend areas where cuts should be made. It is important for clients to answer lenders’ phone calls. The debtor may feel nervous or ashamed about answering, but a call can help to delay a foreclosure. By explaining their financial situation, the homeowner might be able to restructure the loan terms, lower monthly payments, or get a grace period because of financial hardship. An attorney can recommend foreclosure alternatives such as reinstatement, modification, a partial claim, or a special request forbearance.
Does a Homeowner Need a Lawyer’s Help to Fight a Foreclosure?
Whether a person is trying to stave off foreclosure or they need help simplifying the process, it is important to consult a foreclosure lawyer in St. Louis, MO. These attorneys have experience handling foreclosure alternatives and negotiations, and they can help homeowners who have been subjected to scare tactics from debt collectors and lenders. By hiring an attorney, a client of Stlbankruptcyfirm.com can protect their rights and legal remedies.
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