Attorney Rob Nichols Helps Homeowners Find Foreclosure Options
No homeowner wants to face foreclosure. However, sometimes, dire financial situations lead to this severe crisis.
Online, April 8, 2012 (Newswire.com) - When a homeowner is served a foreclosure notice, they might feel as though all hope is lost in terms of holding onto their property. The truth of the matter is that there are many options with regard to foreclosure procedures that can be utilized to help prevent the loss of property. Woodland Hills-based attorney Rob Nichols specializes in foreclosure and bankruptcy laws. By working in close consultation with his clients, he is able to develop proactive strategies that can forestall the foreclosure proceedings.
Because foreclosure is a complicated process, it is always recommended that a homeowner retain the services of an experienced lawyer. One of the first options that attorney Rob Nichols might recommend is working with the bank or lending company to have them reinstate the loan. This could occur by making a lump sum payment or scheduled payments to get current with the missed payments. The goal is to establish open lines of communication with the lending institution so that they can put a face to the contract holder. This process of reinstating the loan is called a forbearance agreement and is best gotten through by working with an attorney like Rob Nichols.
Even though a homeowner is facing foreclosure, it might not be too late for them to refinance their mortgage loan. Again, this is best accomplished when there is qualified legal advice provided to help navigate through all the rules and regulations. In extreme cases, it could be recommended that the home be put up for sale before the foreclosure proceedings are finalized.
Another option to avoid foreclosure and the permanent imprint it leaves on a credit history is to give the property back to the lender. This transference is referred to as a deed in lieu of foreclosure. It might be that this step could provoke the lending company to help renegotiate the terms of a loan, if only to avoid having that asset on their books.
When all other options have been exhausted, Rob Nichols advises clients that foreclosure might be the best way to proceed. "At times, foreclosure can be the best option for some debtors depending upon their unique circumstances," says Rob Nichols. "Careful analysis must take place and timing is extremely important."
Understanding all the foreclosure options begins with a free consultation provided by the law offices of Rob Nichols.