Having an attorney on your side will make certain you are taking the proper steps in your foreclosure reinstatement. Your foreclosure defense attorney will know your rights and be well versed in an otherwise overwhelming and complicated process.
With that said, it’s helpful to know what to expect with the cost of attorney fees, extra charges, and to be on the lookout for attorneys working outside of their specialty. Read on for an understanding of the typical rates for foreclosure defense attorneys and move forward with getting your quote today.
Why Hire a Foreclosure Defense Attorney?
To answer simply: An experienced foreclosure defense attorney can stop foreclosure proceedings.
The foreclosure process is overwhelming between the legal side, time restraints, and responsibilities. Your attorney will advocate for you and can speak on your behalf in mediation with your lender. It is imperative to have a professional who understands the ins and outs of your rights and what needs to be done to avoid foreclosure.
Once bringing in an attorney, they will review your agreements and what has happened thus far and may determine your lender has done something illegally. This is the quickest way they can put a halt to foreclosure proceedings.
Above all, it’s vital to have an expert on your side. Procedures differ from state to state with some states like Washington State seeing mostly non-judicial foreclosures. Your attorney will have the knowledge and experience required to keep you in your home.
Foreclosure Defense Fees: Hourly, Flat Rate, or Monthly?
Attorney fees for foreclosure reinstatement will range by time and complexity of the case. Know the typical rates to be prepared and recognize if an attorney is charging unrealistic rates.
Hourly Fee
The hourly fee might be the best option for you. By going this route, you are only paying your attorney for when they work on your case. Hourly fees can be between $100-$300/hour. The downside here is you are not sure at the beginning of the process how many hours will be required.
Flat Rate
Some attorneys work with a flat fee. This can range from $1,500 to $4,000 determined by the details of the case. The pros here are you know how much this will cost you at the start.
Monthly Fee
A monthly fee is on top of a retainer. This means you will pay several hundred dollars to several thousand for a retainer with a monthly fee of $200+ for each month the process goes on. While this might sound like a costly option, you will have an understanding of the cost upfront and the attorney will have the motivation to keep you in the home as long as possible.
Be Aware of Other Foreclosure Fees and Costs
It’s important to understand your attorney costs do not cover all fees of the foreclosure process. There will be an additional cost for mailings, travel and court fees.
By understanding the available fee structure and what to expect, you can better estimate and recognize an unfair fee. Additionally, we recommend you dedicate time to research the attorney and ensure they are an experienced expert in the field.
On top of doing your research, think about the intricacy of your situation and base your expected attorney cost on this.
Talk to an Attorney for an Estimate
The best way to get started in finding the right attorney is to get an estimate. Your chosen attorney will be able to provide you an estimate on how much their legal fees will be and what other fees to expect while combatting your foreclosure.
The most important thing is not to wait. Your attorney will be an asset to you as soon as you feel you may not make your next payment.
