The main reason why homeowners do not hire a Long Island foreclosure attorney immediately after receiving a notice of foreclosure is the cost. With their finances already dwindling, which is the why they ended up being negligent with their mortgages, spending more for attorney’s fees is surely not a task that you will gladly do.
However, when you are faced with a foreclosure, hiring a lawyer may be your only choice, especially if you want to keep your home. The good news is, there are many ways to pay a Long Island foreclosure attorney and you can easily choose one that will work best with your current finances and with the status of your foreclosure situation.
To explain it further, here are the ways you can pay the fees of your Long Island foreclosure attorney.
There is one thing that you need to understand. A foreclosure proceeding can take from one to three years nowadays, especially if you plan to defend it well, sue your lender, or delay the foreclosure. If you choose a lawyer that charges an hourly fee, you will end up paying as much as $15000 or more for the entire proceeding and that does not even guarantee that you will win your case and keep your home. Hence, it is highly advised that you avoid attorneys that charge hourly, except for some situations.
For example, if you have already spoken with your lender and if you see that your lender is willing to restructure your loan, then you can hire the foreclosure attorney to close that deal on your behalf. That small task will not take too long to finish so paying hourly may save you some money, provided that your attorney does not charge an initial retainer fee.
Monthly payments are easier on the pocket and it gives you a concrete idea of how much you must set aside each month for your attorney’s services. This means that there will be no surprise fees and you make a decision based on the monthly rate if you can keep the services of your lawyer even if your case drags on to two or three years. Another benefit of this mode of payment is that it allows you to replace your Long Island foreclosure attorney if he or she does not meet your expectations or if you see that your interests are not properly defended and protected.
There are also firms that charge a fixed rate. How much it should cost may depend on some factors though, such as the nature of your case, the actions that you plan to take regarding your case, and how long your case would take to finish as your lawyer foresees it. He may ask for a flat rate of $5000 for two years of service and charge you more for services rendered beyond that. The good thing with this mode, though, is that once you have paid up the fixed rate, you will be free of any financial obligation to your lawyer.
Hence, even if he has to attend several hearings every month and no matter how many documents he has to file and submit, you do not have to worry about paying more than what was agreed upon. When hiring a lawyer that charges a flat rate, remember to ask him to write down all the services that are included in that rate in a contract so that you will know exactly what to demand from him.
Again, what you choose will depend on the nature of your case and, of course, on your finances. Rates of foreclosure lawyers vary in every state and in the level of their expertise. There is no way you can avoid spending for attorney’s fees, but if it gives you a chance to keep your home, then the investment may well be worth it.