STUART FORECLOSURE DEFENSE LAWYER
Defending Against Foreclosure
Facing foreclosure can be a difficult and frightening experience. If you are in this position, you are not alone. Millions of Americans have found themselves behind on their mortgages, especially in such a tough economy and housing market. Although you may feel as though you have few options, Crary Buchanan wants you to know that help and relief are available. Our attorneys can help you explore your options for defending against foreclosure.
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What are my options?
If you are facing a foreclosure and are looking for viable alternatives, there are a number of options you may want to consider. Your current situation and your goals will determine your available options, and our legal team can assist you in choosing the most appropriate path. While bankruptcy can be a powerful tool for foreclosure defense, homeowners may also choose loan modifications or short sales.
- Loan Modification
If you desire to stay in your home, one option is to seek a load modification. This is an agreement that is made between you and your mortgage company. The agreement establishes a permanent change to the original terms of the mortgage so that payments are more manageable. This modification can come in the form of forgiving a portion of the payment that was missed or adding those payments to the back of the loan to be paid later. If the mortgage is on an adjustable rate, that rate could be modified to freeze or reduce it. Another modification possibility is reducing the principal balance to what the house is currently valued at on the housing market.
- Short Sale
Another option that may be available is a short sale. You will qualify for this type of sale if your home is worth less than you currently owe on it. Though this option has some downsides and will affect your credit, it will not be near as damaging as a foreclosure. In order for a short sale to happen, your lender will have to agree to take less than what is owed on the mortgage. Normally a home in this position will not have enough equity to fully cover all the costs of the sale, but this path may help cut losses for everyone involved.
Discuss Your Options with a Stuart Attorney
The best way to go about defending yourself from a mortgage foreclosure is to work with an experienced attorney who can walk you through the process. No homeowner wants to deal with the possibility of a foreclosure; however, working with an attorney can be the best way to alleviate the challenges.
To find out more about what we can do to defend you from mortgage foreclosure, call our office today.