It’s not a commonly known fact that you can stop a foreclosure and save your home by hiring a lawyer and defending your case. But, of course, it’s really not that simple. Hiring a foreclosure lawyer does entail costs. It would cost you money — money that you may not have.
So before you go further with your case, you have to ask yourself if you can afford the cost of foreclosure attorneys.
A foreclosure attorney can cost you several thousand dollars, although you can save time and money by first identifying the kind of case you want to pursue. For instance, if you are dealing with a Chapter 13 bankruptcy in connection with your case, your lawyer might charge around $3,000 per case (with a required upfront payment of around $1,500). A Chapter 7 bankruptcy case may cost somewhere around $2,000.
The fees will depend on the specifics of your case and the processes that have to be done by your lawyer.
Payment Structures of Foreclosure Lawyers
Foreclosure lawyers (or lawyers in general) may also have different payment structures: hourly fees, monthly fees, and flat rates.
An hourly rate means you will be charged for every hour of the lawyer’s service (with a required advance payment). With an hourly fee, you will be billed for time specific time the lawyer works on your case — when he prepares for documents for your defense, when he attends foreclosure mediations, and even when he takes calls from you.
With monthly rates, you pay for the service monthly, while a flat rate means you get billed for the entirety of the service once regardless of the amount of work done. Both types give you transparency, as you know how much you will have to pay. On the downside, a monthly rate means you will have to pay for your lawyer even if no work is done on your case during a particular month. A flat rate may seem practical, but not all lawyers offer this option.
Take note, however, that you will also have to pay for any additional costs on top of the lawyer’s fee.
If cannot afford the cost of foreclosure attorneys, one way to save is money is by hiring the lawyer only for specific tasks on your case. This is called an unbundled service; however, not a lot of lawyers offer this option.
Some lawyers may offer financial assistance as well in terms of more flexible payment options. Make sure you talk to your lawyer about fees and payment options before hiring them.
The best way to know if the cost of foreclosure lawyers is worth it is by considering if the lawyer’s fee would justify your case. Consider how much you would save by hiring a lawyer vis a vis the cost of the lawyer’s service. If a lawyer can be retained for the cost of two or three month’s worth of your mortgage payment, it could be considered that the cost of hiring a lawyer is cost effective. Take note of unjustified and unreasonable fees as well; find the right lawyer for your case to ensure that every cent you are spending is worth it.
Thinking about the cost of foreclosure attorneys can be daunting but it is always worth it to keep your home. Learn more about lawyer fees and payment structures at www.foreclosureattorney.co.