- The U.S. Dept. of Housing and Urban Development (HUD) offers an online guide to preventing foreclosure. The guide provides consumers with information such as how to contact a housing counselor; when and how to talk to their lender; how to find foreclosure resources; tips on avoiding foreclosure and foreclosure scams, as well as information for consumers who cannot keep their home. The guide to preventing foreclosure is available at http://www.hud.gov/foreclosure/.
- If you are experiencing financial hardship and having difficulty staying current with your mortgage, our attorneys will provide a FREE legal consultation without obligation.
- Our attorneys have negotiated countless short sales and loan modifications for troubled homeowners. All files are managed by licensed real estate attorneys, NOT contract negotiators.
- Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) /ATTORNEY CONSULTATION.
- Several foreclosure alternatives exist for a homeowner who is experiencing a financial hardship. There are pros and cons to each so it’s critically important to have an experienced loss mitigation professional consult on the best course of action.
- Loan Modification-A Loan Modification is a written agreement between the homeowner and their mortgage company that permanently changes one or more of the original terms of the note to make the payments more affordable. Loan modifications can include one or more of the following terms:
• adding missing payments to the existing loan balance
• converting an adjustable-rate mortgage into a fixed-rate mortgage
• extending the numbers of years you have to repay
• forgiving principal owned, AKA "principal reduction" (occurs in only 1.8% of loan modifications)
- Forensic Loan Audit
Many loans funded during the "boom" years of 2002-2006 were performed with legal violations. Although only a fraction of the loans were funded with blatant disregard for the law, the majority of loans have significant State and Federal violations resulting from carelessness, greed or just innocent oversight by the lender and/or broker. The audit is an extensive and thorough examination of loan documents that borrowers signed when they secured a mortgage loan. If there are "predatory lending" violations, attorneys may employ the violations as leverage with a lender to expedite a loan modification or short sale.
- Short Sale
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. Learn more about Short Sales.
A Deed-in-Lieu allows homeowner to transfer your property voluntarily to their lender and their debt or deficiency is often forgiven. The borrower is immediately released from most or all of the personal indebtedness associated with the loan. The borrower avoids the notoriety of a public foreclosure and may receive better terms than a formal foreclosure. AKA "Friendly Foreclosure." Caveat Emptor: if Junior Liens are not resolved properly under DIL procedure, there will be a "cloud on title".
Bankruptcy to stop foreclosure is possibly the least-understood and least-desired option for most homeowners, although it can provide them with the last chance they need to be able to save their homes. In foreclosure situations, filing bankruptcy will put the entire foreclosure process on hold, which is very important for homeowners when the situation is getting out of control and they are running out of options at the last minute. When a foreclosure auction is approaching, and there is no other way to stop the Trustee Sale, filing bankruptcy will immediately put everything on hold, including putting off the sale of the property. But it's only a temporary "pre-foreclosure" strategy at best.
- Free Consultation with County Properties