This informative video goes into great detail about the foreclosure process and the types of attorneys willing to assist. Foreclosure is a process by which the lending company or bank reclaims its property from a homeowner who has not paid the mortgage. Many homeowners fall into foreclosure status because they fail to take action when they first fall behind on their bills. Eventually, the mortgage company or bank decides that it no longer wants the past due amount and instead wants the entire balance of the mortgage loan.
Hiring an attorney is almost necessary when foreclosure gets to that stage if the homeowner wants to continue to possess the property.
Various types of attorneys exist. Some charge a flat amount, while others charge a monthly fee for their services. Choosing the right attorney involves taking a close look into one’s situation and asking the attorney to explain the services he or she provides.
The fee the attorney charges also involves the cost of the home. A person whose home values at more than $1 million will likely have to pay several thousand dollars each month to go through foreclosure litigation. A client with a house of less value may only have to pay foreclosure lawyers several hundred dollars each month.