Foreclosure And Divorce: Why You Need A Competent Attorney

Posted on: 9 February 2016


The process of divorce is extremely difficult; if you and your spouse own a home together that you can no longer afford, the difficulty is multiplied. Some couples opt to just let the house go back to the bank without fighting; they walk away from the mortgage to the detriment of their credit. This can ensure that you can't buy another home for at least seven years. It can also affect your ability to obtain other types of credit, and can even cost you the ability to keep your current job or find a new job. If you are going through a divorce or are recently divorced and are facing foreclosure on your marital home, it is important to retain an attorney that is well-versed in foreclosure to help you avoid foreclosure and find other options.

Research and Advice

Your attorney will research your options and come up with case law on similar cases. There may be things you can do to save your home or programs that can help you that you are unaware of. Each state has different programs to help homeowners that are in need of assistance to stay in their homes; your attorney can provide you with information on these programs. Likewise, there may be programs available through mortgage companies or finance companies that will allow you to keep your home and preserve your credit. Your attorney will find all of these answers and give you advice on what is available to you.

Options and Guidance

Again, your attorney is an invaluable source of information on foreclosure and the programs available that can allow you to keep your home. You may also be able to sell your home or find someone to take over the loan without harming your credit. When you retain the services of a qualified foreclosure attorney, your attorney will let you know what your options are and then guide you through the process to get out of a bad mortgage situation.

Solutions and Rebuilding

After you determine which path you are going to take with regards to reaffirming your mortgage obligation, filing bankruptcy or finding a way to sell the home and absolve yourself of responsibility to the lender, your attorney will guide you through the necessary steps to make this happen. In some cases, there are certain documents that need to be filed with the lender or the courts; your attorney will handle this for you.

When you are going through a divorce, it may not be enough to simply retain a divorce lawyer and move on with your life. If you have financial assets or real property that is owned jointly with your spouse, you will need the services of an attorney that has experience in foreclosures and other property issues to help you navigate this area. You can likely come out of the divorce without ruining your credit or your financial portfolio if you obtain the services of the proper professionals.