When you bought your house, you may have envisioned living in it forever but unfortunately, life does not always go as planned. Job loss, injury, illness, and other unexpected occurrences can lead to outstanding debts, with no way to repay them. When this happens, the lenders may start pursuing repayment in the form of your assets including real estate property. If you are insolvent and you want to save your home, you should hire a real estate lawyer who can help you in the following ways.
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They Will Help You Understand Your Debt Situation
Many people are insolvent because they do not properly understand budgeting, finance and paying off lenders. An attorney can explain to you your financial situation in detail and help you overcome insolvency. In addition, the lawyer will evaluate your debts and assets and provide you with the best plan to take.
They Will Help You Explore Other Alternatives
When you are insolvent and don’t know how to deal with the disastrous financial issue that you are facing, you can work with an attorney who can give you other alternatives to bankruptcy, like debt settlement. An experienced and knowledgeable attorney who has seen other similar cases can help you find a timesaving and less painful alternative to bankruptcy.
They Will Deal With Lenders
When you retain a real estate lawyer, you will have a professional on your side who knows everything about bankruptcy and creditors rights and can use his or her vast legal knowledge to deal with the creditors and prevent them from taking advantage of you. This way the stress is taken off you and instead you can plan ahead.
They Will Deal With Negotiations
Lenders are usually open to negotiating during the bankruptcy process. If you do the negotiations on your own, then you may find the process very intimidating. However, when you have an experienced and knowledgeable attorney on your side, they will help you get a better deal on mortgages and other debts to help you get much-needed relief from debt collectors.
They Will Save Your Home
There is an increasing need for lawyers to assist people who have failed to pay their mortgages, save their homes. If you want to avoid foreclosure or having to sell your home at a lower value, then you need to retain a lawyer who can advise you on the legal steps to take before your situation gets worse.
They Can Prevent Creditors From Violating The Automatic Stay
The automatic stay is an injunctive order which prevents the collection activity from happening after you have filed a case. Unfortunately, some lenders might attempt to continue with the collections process when your case is unfolding. Your attorney will prevent your rights from being violated. Your credit will stay safe with a real estate attorney on your side.
It Will Save You Time And Money
An experienced and knowledgeable lawyer can help you save time and money by tackling lenders head-on and avoid a long costly battle. You don’t want to be caught in more trouble. It’s better to have someone who understands your situation to help fight for you. Lenders are going to try everything in their power to take advantage of you. A real estate lawyer will make sure that you are safe and secure during your case.
Conclusion
Living through the stress and depression brought about by financial problems and debts can be harrowing. However, you can find some peace of mind at such a frightening time by hiring legal professionals who have dealt with many insolvency cases and know how to help you overcome your financial burdens.