Foreclosure defense is the practice of law. You would not think that if your home is in default or foreclosure since there is a remarkable number of firms soliciting distressed home owners with offers of foreclosure defense and delay of foreclosure. Most of these firms have limited ability to help you, since they are not attorneys. Many are being charged with the unauthorized practice of law. My home state of New Jersey just took action against six such firms operating within the state.
The firms will try and lure you in with promises of foreclosure defense success or delay in the process to enable you to retain your home. I can fill an encyclopedia set with failures of such firms that I have been told about during the recent past.
There are many legal issues in regard to distressed real estate. There are tax, credit, deficiency judgment and many legal issues specific to foreclosure defense. Many people know some or most of the issues but they are neither qualified nor permitted to discuss them with you. Additionally, attorneys have access to information that is not available to non-attorneys.
The options that are available to a home owner are numerous. However, each has its own intricacies. Short sale, loan modification, deed in lieu, strategic walk away, foreclosure defense all have many variables that will determine the likelihood of success. I counsel home owners to not rely upon the advice of someone that has a vested interest in the outcome and this includes real estate agents. They are invaluable in the process but unless the home is sold, they do not receive compensation. So, what do you think the suggested course of action is – a short sale!! However a short sale is not always your best option, especially if you want to retain the home.
Foreclosure defense is the practice of law. Do not trust your most valuable asset and your biggest financial exposure to anyone other than a lawyer that specializes in this complex area of law and tax.
Paddy Deighan http://www.homesavers.pro