Expert Foreclosure Help

Some Options For Those Facing Foreclosure

These are some of the options one can take for those facing foreclosure:

1. Do something:

-Call the lender and try to arrange a loan modification, Refinance, short sale, or Deed-in-Lieu of foreclosure.

-Loan Modification - A Loan Modification is a permanent/temporary change in one or more of the terms of your mortgage loan. Ideally, this will result in a payment you can afford. (You can do this yourself).

-See makinghomeaffordable.gov

-Short sale - A sale of a house for less money than is owed to the lender. Ideally, the lender agrees to accept the proceeds of a short sale and forgives the rest of what is owed. (You will likely need the help of a R.E. Broker & a R.E. Attorney).

-Deed-in-lieu of Foreclosure - (May only be available after a failed Short Sale attempt). Ideally, the lender accepts ownership of the property in place of the money owed on the mortgage. (You will likely need the help of a R.E. Attorney).

Consult with an attorney regarding:

-Foreclosure Defenses - Such as a Lack of standing, TILA violations, RESPA violations etc.

-Bankruptcy - Such as Chapter 13- which is a type of “reorganization” used by individuals to pay all or a portion of their debts over a period of years using their current income. The most important thing about a chapter 13 case is that it may allow you to keep your home if you can make the payments which the bankruptcy law requires to be made to your creditors.

-Deficiency Judgments - Generally, a judgment for the amount a homeowner owes the lender after a house is foreclosed upon and sold by the creditor for less than the actual amount still owed.

2. Do nothing: Walk away OR

-Stay in your home until you it is sold.

-Pay or go calculator: http://www.payorgo.com/

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Robbie L. Vaughn, Esq. is a Long Island Real Estate & Bankruptcy Attorney. He is also a Real Estate Broker with Bayview Estates Realty of Long Island.

http://www.bayviewestatesrealty.com
70 West Main street, East Islip, NY 11730
631-277-4907 or 631-780-4758
http://www.Rlvaughnlaw.com
We are a debt relief agency and a law office that helps people file for bankruptcy relief under the United States Bankruptcy Code. This is not legal advice.