How Much Does A Foreclosure Lawyer Cost?

• 30 Sep 2020
• Foreclosure Lawyer

Foreclosure can turn out to be one of the worst nightmares for most of the people as no one would like to face it at any point in their life. This is one of the most important reasons why people usually choose a Queens foreclosure attorney without any second thoughts.

But you should know that the decision of whether to work with a Queens foreclosure attorney or not all comes down to the price charged by the attorney. If you are facing foreclosure then you will already be financially disturbed and this is why understanding how the legal fee works is crucial.

If you are thinking that all the foreclosure attorneys charge their clients in the same way then you haven’t explored the pricing structure of foreclosure attorneys yet. But you don’t need to worry as through this blog post, we will let you know about the pricing model of foreclosure attorneys in a detailed manner.

The price charged by foreclosure attorneys

Different attorneys have different pricing structures and this is why understanding these pricing models is necessary. Here are the three most common types of pricing models used by foreclosure attorneys all over the world:-

• Hourly rate
• Flat fee
• Monthly fee

Hourly rate

There are many Queens foreclosure lawyers out there that will charge you an hourly rate for providing their service. The rate can vary from $90 per hour to several thousand dollars as it all depends on the reputation and popularity of the Queens foreclosure lawyers that you are trying to consult. If the attorney is charging an hourly rate, he will also collect an initial retainer. This is basically an advanced payment that the lawyer will charge you before he starts providing you the legal service. Both the retainer and the hourly rate can vary widely as it mostly depends on the customary rate of your area.

One of the best things about this type of pricing model is you only pay for the time spent by the lawyer in your case. And the disadvantage of this type pricing model is you will never be able to have an estimate of the overall price that you will have to pay.

Flat fee

The flat fee model is one of the most common pricing models that are not only popular among foreclosure attorneys but other types of attorneys as well. In order to represent the homeowner, the lawyer will always charge a flat fee and this fee can vary from $1,500 to $4,000.The price charged by the lawyer under a flat fee model basically depends on the complexity of the case.

One of the biggest benefits of a flat-fee pricing model is you will always be aware of the total price that you will have to pay to the lawyer. It doesn’t matter whether the case is going to take two months or 5 years, you will always know that this is the price that you will have to pay.

Monthly rate

Some foreclosure attorneys will charge you an upfront retainer that can range from a few hundred dollars to thousands of dollars. The longer your case will take, the more price you will have to pay to the lawyer since every month you will have to pay the retainer to the lawyer.

But since there will be no variation in the price paid to the lawyer every month, you won’t have to worry about an increase in fee.

All the pricing models mentioned above have their own pros and cons. Choosing the right type of pricing model depends on how you want to pay the attorney but in addition to the price, you will need to go through other features of the lawyer as well and choose an ideal attorney from a firm like us- Radow Law Group.

Frequently Asked Questions

Q) How much are attorney fees for a foreclosure reinstatement?

Attorney fees for foreclosure reinstatement vary based on the complexity of the case and the attorney’s pricing model, ranging from hourly rates to flat fees or monthly retainers.

Q) How many months behind on a mortgage before foreclosure?

Typically, foreclosure proceedings can begin after a borrower is 3-6 months behind on mortgage payments.

Q) How to reduce foreclosure charges?

Consider negotiating with your lender for a loan modification, repayment plan, or settlement to reduce foreclosure charges.

Q) Can foreclosure charges be waived?

In some cases, foreclosure charges can be waived through negotiation with the lender, especially if you demonstrate financial hardship.