Helping you keep your home.
Sometimes, life just happens and you find yourself in arrears on your mortgage, unable to catch up on a few missed payments. Before you know it the situation has snowballed and a foreclosure is commenced. We help homeowners defend mortgage foreclosure actions. We start with what do YOU want. From there, we walk through all of the options available, and help you decide which is best for you.
If litigation is what is needed we will fight for you; filing an answer; investigating your loan to detect any deficiencies or defects; and filing of motions and opposition to your lender’s attempt to take your home.
On the other hand, sometimes the best alternative is settlement. Settlement options may include:
- Loan modification: the terms of your mortgage are changed and both lender and homeowner are bound by the new terms. The most common modifications are lowering the interest rate, reducing the principal balance, ‘fixing’ adjustable interest rates, increasing the loan term, forgiveness of payment defaults and fees, recapitalization of accrued outstanding principle, interest, and fees, or any combination of these.
- Short sale: a lender agrees to accept less than what they are owed in order to permit the homeowner to sell the home for the actual market value which is less than the amount due on the loan.
- Deed in lieu (DIL): the homeowner transfers the house to the lender by giving over the deed in exchange for a release from all obligations under the mortgage.
- “Cash-for-keys”: the lender pays the homeowner an agreed amount of money to vacate the home. The lender does this to avoid incurring the additional expenses involved in evicting such homeowners. It is typically seen where there is a DIL or a completed foreclosure.
- Forbearance: an agreement where the homeowner either makes no monthly payment(s) or a reduced monthly payment for an agreed period of time. Sometimes, the lender will ask you to be put on a repayment plan when the forbearance has been finished to pay back what you missed, while other times they just modify your loan.