For many, filing an appeal on a civil or criminal matter is the only way to get justice after receiving an unfavorable judgment at the trial level; however, the complexities and costs of an appeal can seem overwhelming. Thankfully, through the use of legal financing and other financing options, covering the costs of your appeal is now easier than ever. With legal financing, a law firm can walk you through the application for funding over the phone in just a few minutes and connect you with quality lenders that will get you the money you need for your appeal in just a few days. To learn more about legal financing and other options to fund your appeal, call or contact The Appellate Law Firm today.
Options for Financing an Appeal
There are many ways to finance your appeal through the use of friends, family members, lending institutions, and others. To see additional methods of financing, see Parts 1 and 2 of this article. Some of the most common methods for financing an appeal include the following:
Friends and Family
Borrowing money from your friends and family is one way to fundraise for your appeal. Your loved ones may be willing to loan you the money that you need for little to no interest because of your relationship with them. You can also utilize this method along with another, such as the use of crowdsourcing, to manage all of the gifts and loans coming from multiple sources. This may result in some minor processing fees or other charges but would be considerably less than the interest charged on many loans from institutions.
Home Equity Loan
If you own your own home, another option for financing your appeal is through the use of a home equity loan. Using this method, you borrow against the equity in your real estate. In many cases, the interest on these loans are tax deductible, and you can also get an equity loan on other types of property, too, such as a vehicle, boat, vacant land, tractor, and other equipment. However, home equity loans typically take longer to apply for and process than other methods of financing for an appeal. It is common for an applicant to wait between 30 and 45 days before receiving the funds from this type of loan.
Another option for utilizing property to finance your appeal is through the use of a reverse mortgage, but this option only applies if you or a family member who is willing to fund your appeal is over the age of 62 years old and has equity in their home. With a reverse mortgage, a bank trades the equity in the home for a cash payment. When the homeowner leaves or sells the property, the bank receives its money back in the sale or takes over the property. This is also a slower method of obtaining funds for an appeal, but it avoids issues of credit scores and proving income.
Talk to Our Office
To learn more about ways to finance your appeal, call the office or contact us today at The Appellate Law Firm to schedule an evaluation of your case.