Many homeowners are unaware of the legal defenses that can be utilized on their behalf to stop foreclosure. Included in this category are loan officer negligence, improper disclosure of loan conditions and non-compliance of regulatory requirements. Understanding of law can greatly assist homeowners during the foreclosure process.

The first step in protecting your interests during foreclosure is to act. The majority of Americans who find themselves behind on their mortgage payments do nothing and end up losing their homes because they either did not know what to do or waited so long that it was too late to do anything about it. Furthermore, the problem does not end after the bank repossesses your home. After the bank determines its loss on the property, it will file a lawsuit to recover the deficit from you so the worst thing you can do is nothing.

Individuals facing the potential of losing their home have only 20 days to respond to an official foreclosure lawsuit after they have been served. The moment one receives the notice, they should contact a lawyer immediately to obtain help and find out what the options are to stop foreclosure. Having an accurate understanding of foreclosure laws can oftentimes mean the difference between saving your home or losing it. In many cases, a reputable law firm can offer assistance that will allow you to stay in your home. Some of the options available to homeowners to stop foreclosure are: loan modification, stipulated foreclosure with no deficiency, short sale, deed in lieu of foreclosure and filing bankruptcy. If staying in your home is not the best option for you, a reputable attorney will help you move forward and begin rebuilding your life.

Finding reputable legal counsel is the second step in obtaining foreclosure help. Make sure you find a licensed attorney or law firm that has a substantial number of years of experience in the foreclosure process, understands the laws and has experience dealing with the lending institutions that initialize the foreclosure process. Also, be careful of who you take advice from. It might not be in your best interest to hire a loan modification company to represent your interests or provide help during the foreclosure process. They will protect their interests before protecting yours, so keep this in mind when considering your options.

If you can no longer afford your home, do not walk away from it. Contact an attorney immediately and he or she will serve as your advocate throughout the foreclosure process. Their goal is to help you stop foreclosure proceedings by providing you with the best help possible by explaining the foreclosure process and rendering the best defense possible to stop from the loss of your home.