How quickly do attorney fees accrue on a property that has gone into foreclosure?
Saturday, January 12th, 2008 at
1:04 pm
alison a asked:
I am working on a property that is in foreclosure in WA state. It is 2 months into the process, $11,500 in back payments and buy without a prescription taxes and a few thousand in attorney fees for the mortgage holder’s attorneys. Is there a ballpark estimate of how much attorney fees will be once the 135 days is up and it goes to sale, and is there any formula for calculating the rate of their charges?
I am working on a property that is in foreclosure in WA state. It is 2 months into the process, $11,500 in back payments and buy without a prescription taxes and a few thousand in attorney fees for the mortgage holder’s attorneys. Is there a ballpark estimate of how much attorney fees will be once the 135 days is up and it goes to sale, and is there any formula for calculating the rate of their charges?
alot believe me! not to mention if there is an exceleration clause on your mortgage allowing them to raise the interest rate that will really you could expect anouther 10k over what you are late.
HUD prescribes the attorney fees for a foreclosure. Even if the property is not a HUD property, most foreclosure attorneys bill by HUD guidelines. In NJ where I was involved in foreclosures, atty. fees were $1,200.00 per file. That does not take into account expenses, which can be many times that amount. There is title work, securing the property, taxes, accrued interest etc. which can add significantly to the mortgaged amount.
For the specific amount in your case, just look at another judgment from the attorney involved in your foreclosure. They usually bill the same fee on all files if they work in volume.
Good luck, I hope this helps.