Do I need an attorney for foreclosure on an investment property?

Yes, you may need a lawyer if you’re interested in saving your investment property from foreclosure. Foreclosure is the legal process that mortgage lenders have to recoup the money investors or homeowners owe them. Usually, mortgage lenders start the foreclosure process after property owners have failed to keep their mortgage current.

Foreclosure isn’t an automatic process unless you want to give your investment property over to the mortgage lender. This means that if you’re interested in saving your investment property then speaking with a lawyer is your best option.

There are a variety of lawyers you can consult. Bankruptcy lawyers will help before, during and after the foreclosure. Filing personal bankruptcy—specifically chapter 13—means that you’re trying to save your investment property and pay back the money you owe. Typically, with bankruptcy lasts three to five years. In addition to filing bankruptcy to pay back money, bankruptcy affords you protection against creditors’ actions. In other words, the automatic stay stops creditors such as your mortgage lender from starting or continuing the foreclosure process.

Another lawyer to consult is a foreclosure lawyer. Foreclosure lawyers will fight to successfully stop the foreclosure. They will listen to your circumstances and find the suitable foreclosure defense to include in your written answer to the foreclosure complaint.

Facing foreclosure of your investment property isn’t something to go through without seeking legal advice. Talking with lawyers can help guide you to know how to fight to save your investment property.