Even though many professionals feel that the housing market had fully recovered from its crash a few years ago, there is still plenty of fallout to deal with. Banks have large backlogs of foreclosed properties. There are also many homeowners that are still waiting for official word on their home being foreclosed upon. In many situations, homeowners in this position may feel like they’re powerless. However, in these instances, speaking with a foreclosure lawyer in Topeka, KS may be something worth considering.
The fact is not all foreclosures are open and shut cases. There have been many instances where a home has been foreclosed on by the banks when the owner was current with their mortgage. Banks are not immune to various oversights, which can cause these sorts of mistakes to happen. However, even being behind on a mortgage doesn’t necessarily mean that the foreclosure process as executed by a bank is on the up and up.
There are very specific standards and requirements that the bank has to meet during the foreclosure process. There are instances where the banks may not have followed these federal and state mandated stipulations. In these situations, this can lead to a decision from the court to not only stop the foreclosure process but to eliminate the process altogether. This may offer enough time for a person to come up with the money needed to get current with their mortgage.
There are other situations where a foreclosure lawyer in Topeka, KS can work with a client, as well as the bank that holds the mortgage, in order to renegotiate the terms of the agreement. This can give the homeowner an opportunity to get current with their mortgage in a way that is manageable and feasible with their current finances. In many cases, this can be a successful endeavor because contrary to what people believe, the last thing the bank wants to do is take on another property.
There are situations where foreclosures are on the up and up and there’s no stopping the process. However, whether it’s through filing for bankruptcy, questioning the practices involved in the foreclosure process or negotiating new mortgage terms, an attorney can be very helpful in rectifying the situation. To learn more about your options, speak with Business Name.