3 Strategies Utilized By A Mortgages Attorney
Homeowners who are facing financial difficulties related to their mortgage should consult an attorney to review possible options. When their lender files for a foreclosure, the borrower is notified by mail. After they receive the notification, they have exactly twenty days from the date on the letter to take action. If you have received a notification and need help, you should contact a Mortgages Attorney and schedule a consultation.
Legal Options When Facing Foreclosure:
1. Strategic Default: During this process, the borrower stops making payments altogether and allows the lender to seize the property. According to the law, the lender cannot make the borrower pay for the property if they no longer own it. However, if the lender doesn’t acquire the full balance of the mortgage loan, they can take legal action against them to pay the leftover value. This option is most beneficial for consumers who owe significantly less than the property market value.
2. Quick Sale: A quick sale is arranged by the borrower’s attorney or chosen real estate agent. Their attorney notifies the lender of this action to acquire permission. If the borrower cannot sell the property if a foreclosure has already been filed for the property without gaining their lender’s permission. To initiate the quick sale, the lender will have to remove the original lien from the property. This allows the lender and the borrower to agree on a fair price in which to sell the property and settle the debt.
3. Bankruptcy: Chapter 13 is the most beneficial form of bankruptcy in terms of avoiding foreclosure. It offers an automatic stay for at least three years, which affords the consumer with a longer period of time to catch up any outstanding payments. It also allows the consumer to stay within the property throughout the length of their bankruptcy claim. The lender cannot seize the property if it is included in a bankruptcy claim.
Consumers who are facing difficulties with their finances that may lead to foreclosure or other adverse conditions associated with their home should contact an attorney to help them. Whenever possible a Mortgages Attorney can negotiate to get a loan modification to reduce their payments or achieve a better interest rate. They could also stop payments based on a financial hardship due to job lose or sudden disability. If you wish to acquire help with your mortgage, contact the Law Offices Of Elan Wurtzel PC today.
