Wrongful Death Lawyers
As our wrongful death lawyers know, losing a loved one unexpectedly due to someone else’s negligence is a life altering experience. As you grieve, the last thing you want to worry about is also losing your home. Receiving past-due notices and phone calls from your mortgage company can be overwhelming. If you are unable to get caught up, then at some point, those past-due notices turn into foreclosure notices. When you get this far behind with your mortgage, it may seem it will be impossible to keep your home. The good news is that you may not have to leave. A foreclosure defense lawyer may be able to take legal steps on your behalf to help you save your home.
The following is a brief overview of foreclosure defense options from a foreclosure defense lawyer from The Law Offices of Ronald I. Chorches.
Don’t Try to Fight the Foreclosure on Your Own
One of the most difficult parts of being in this situation is grasping the reality of it all. As much as you may want to put the situation out of your mind, it is critical to face it head-on. The mortgage company does not care why you have fallen behind in your payments – they only want their money or the property. This is why it can be difficult to work out a resolution with them on your own.
A foreclosure defense attorney does care about why you have fallen behind and is committed to working with you to find the best solution to your situation. Your lawyer will review your situation and determine what your options may be, including whether it is beneficial to fight the foreclosure and what the odds of success may be. For example, your lawyer may suggest applying for a mortgage modification.
If the mortgage company agrees to a modification, this usually involves reducing the current mortgage interest rate, reducing the principal owed, reducing the monthly payment, and either reducing or eliminating all the late fees and penalties that have accrued. In some cases, the mortgage company may agree to a forbearance. This is where the borrower is given a period of time where they are not required to make monthly payments, allowing them to get caught up on the past due.
Another option that your lawyer may advise is filing for bankruptcy. This option puts an immediate halt on any foreclosure action the mortgage company is taking and can result in you coming out of the bankruptcy process still able to keep your home and with a more affordable monthly payment.
If your financial situation has changed and the home and its expenses (i.e. taxes, insurance, upkeep, etc.) have become too much for your budget, another option your lawyer may discuss with you is a short sale. A short sale is where a homeowner sells their property for less than what they own on their mortgage. Your lawyer can work with the mortgage company to see if they will accept this amount and discharge the remaining balance of what the homeowner owes.
For more detailed information about your particular situation, most sure to consult with a seasoned bankruptcy lawyer.