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When is the right time to contact a lawyer about foreclosure?

By the time the lender contacts you to inform you of its intent to foreclose on your home, there has almost certainly been communication between you and the bank regarding past due mortgage payments. Whether through late fees on your mortgage statements, demand letters or collection calls, lenders take specific steps to collect past due amounts before initiating a foreclosure action.

So, at what point should you contact an attorney regarding a possible foreclosure?

The answer to this question is largely dependent on your personal circumstances. If you know the first time you miss a payment that you are going to have a difficult time making it up -- due to job loss, for example -- and that future payments are going to be equally as difficult, you may want to contact an attorney immediately.

In general, the earlier you get an attorney involved, the more he or she can do in an effort to save your home. The best piece of advice here is to not ignore the problem. These issues do not go away. If you do nothing and hope the whole thing will blow over, there is a good chance that your home could be taken from before you even get a chance to explore your options.

Be Honest With Yourself And Take Appropriate Action

Nobody knows your situation better than you, and it is important that you are realistic about how to resolve mortgage arrearages. If you have just missed your first payment and you know that your financial issues are likely to continue for the foreseeable future, be honest with yourself and take appropriate action.

A skilled attorney can attempt to negotiate with the lender to establish new terms that better fit your circumstances. No matter where you are in the process, however, if you believe that there may be a risk of your house being taken by the lender, now is the time to talk to an attorney.

Stay tuned. Next time we will discuss the truth regarding the lender's right to foreclose on your home.

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