FORECLOSURE DEFENSE MIAMI
Due to the poor economy and drastic decreases in real estate value in many parts of the United States in recent years many Americans are struggling to make ends meet each month. Please realize that you are not alone and it is not something to be ashamed of. We are here to help you get through this difficult time.
The following are common loss mitigation options when faced with a foreclosure lawsuit:
(1) Loan Modification – We negotiate with your current mortgage lender(s) to modify the terms of your current mortgage. This is not a refinance. We are simply making your payments more affordable through any or all of the following: interest rate reductions, amortization term extension, adjustable rate conversion, principal balance reduction.
(2) Forbearance Agreement – If there is a short term financial hardship with a defined end in sight we may be able to negotiate a forbearance agreement with your mortgage lender(s) in order to reduce or eliminate the regularly scheduled monthly payment(s) for a period of time.
(3) Loan Reinstatement Agreement – If you are able to gather the necessary funds to pay the outstanding arrearages in order to bring the mortgage account(s) current then we may be able to negotiate a reinstatement agreement with your mortgage lender(s). If a reinstatement agreement is reached by the parties it would also allow the foreclosure lawsuit to be dismissed.
(4) Loan Repayment Plan – If you are able to resume making your regular scheduled monthly mortgage payment(s) plus some additional money to go towards the arrearages then we may be able to negotiate a loan repayment plan with your mortgage lender(s) which would allow you to bring your mortgage(s) current over a period of time – typically 6-12 months. Once the account is brought current the foreclosure lawsuit would be dismissed.
(5) Short Refinance – If you do want to remain in your home we may be able to negotiate a short refinance with your mortgage lender(s) in order for you to get a new loan with a new lender for the current market value of the property.
(6) Short Sale – If you do not want to remain in your home we may be able to negotiate a short sale with your mortgage lender(s) in order for you to be able to sell the property for less than what you owe.
(7) Deed-in-Lieu of Foreclosure – This is where you sign the deed to the property back over to your mortgage lender in exchange for them not foreclosing on the property. This saves the lender time and money while preserving your credit rating. This is typically the “last resort” for homeowners who can no longer afford to make their payments and have exhausted all of their other options.
Some homeowners end up losing their home and destroying their credit simply because they choose to ignore the situation and feel that nothing can be done to help them. If you are unable to make your monthly payments please call or email us today.