FORECLOSURE ALTERNATIVES

There are alternatives to foreclosure that are designed to help property owners escape crushing debt and stop foreclosure before a lawsuit begins. Our foreclosure team is prepared to help with all the potential options the law provides, including trial, if necessary.

If you're not familiar with foreclosure defense law, we can guide you through the options that affect your property. These options include:

Loan Modification

A loan modification is a process in which the bank allows a change in the terms of your existing mortgage to significantly lower your monthly payments, either temporarily or permanently.

Short Sale Negotiation

A short sale occurs when the property is sold for less than the loan amount with the cooperation of the lender. It permits more owner control over the process and according to Fannie Mae, less credit consequences than a foreclosure.

Mortgage Litigation

Mortgage litigation can defend against foreclosure. Despite reports, it’s unlikely any property owner can claim their home for free. However, receiving a loan modification, more time in the home or even some compensation is possible in certain cases.

Consent foreclosure or Deed instead of foreclosure

If other options are not right for you, a consent foreclosure or deed instead of foreclosure may be one way that you can be released from the mortgage without additional payments. This occurs when the lender agrees to take title to the property in exchange for your agreement to the foreclosure. When this happens, you will no longer be responsible for payment of the deficiency on your loan.

Richard Weisberg