Facing a foreclosure in the present or in the near future is a stressful time for a homeowner. Getting the right help during the foreclosing process can make a big difference in the outcome. It will also guarantee that you are being treated fairly by the system. Thinking for the foreclosure attorney costs is another stressful hurdle during this period, but it is worth it to know how much you will spend. In a nutshell, a foreclosure lawyer can cost you around $1,500 – $20,000 depending on the different factors involved.
Factors that Affect Foreclosure Attorney Costs
To ensure that you are getting the right kind of services for the price you pay, here are the important factors that will affect how much a lawyer charges.
Foreclosure Type. The price of a lawyer can change depending on the current status of the foreclosure and how the homeowner wants to proceed. A newly foreclosed house, the surrender of the property, or the reinstatement of the loan will all affect the total cost.
Attorney Fees. Usually, each party involved will pay for their own lawyers, but there are some cases where the lender charges the homeowner for their attorney.
Other Fees. There are lenders who will send homeowners additional fees to pay for different matters. Some include property inspection fees, preservation fees, filing fees, and others.
These three factors will greatly influence the cost of hiring an attorney during the foreclosure process. If you have a property that is up for foreclosure or has recently been foreclosed, acting soon and quickly will help you save money.
Ways Foreclosure Lawyers Bill Clients
Deciding to get the help of an attorney to settle your foreclosure proceedings is a great idea. Now you have to know how they charge and what to expect from these charges. There are three common ways foreclosure attorneys charge:
1. Hourly Rate – This is the most expensive billing type a lawyer can charge their client. It takes a lot of investment which ranges around $8,000 or more, including a retainer fee that is also quite expensive. Despite this very expensive fee clients are not guaranteed they will win the foreclosure case.
2. Flat Rate – Lawyers or firms charge around $3,000 – $4,000 as a flat rate for clients who want to hire a foreclosure attorney. This type of billing makes clients feel more secure as it is not as expensive and they access to their lawyer for an extended period. The downside to this type of service is clients are expected to pay the amount upfront which is very steep for someone who is struggling financially.
3. Monthly Rate – This is the best type of service to avail when you want to keep track of your money. The rates are consistent and your lawyer will be there to help you through the foreclosing process with rates between $400 – $1,000 per month. This means that if the case is over early you only pay a fraction of what the flat rate charges.
Choose your lawyer wisely as your money and your home will be on their hands.
Wondering about foreclosure attorney costs? Find out at www.foreclosureattorney.co and let us help you make an informed decision to save your home.