Mortgage Defense Attorney - Assisting Households to avoid Foreclosure
The last few of years have been quite unstable for the home market. People are facing foreclosure and losing their dwellings. According to statistics, in Broward 4% of all the mortgages are facing foreclosure proceedings. It is pretty clear that the situation is really bad; however, a homeowner can seek the assistance of a foreclosure defense attorney to know their options.
The fact is that for a vast majority of homeowners foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceedings. They are not aware of the fact that there are solutions available to them that can help them end foreclosure proceedings.
Loan Modification
A specialized foreclosure defense lawyer can lay out the options available to property owners who are facing foreclosure. Under the Housing Bill passed by President Obama, property owners looking at foreclosure can go for foreclosure defense. Aid of a foreclosure defense council can help a property owners negotiate the mortgage modification with the lenders.
Short Sale
Still another option that owners have is that of a short sale. Under this option the owners will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the mortgage holder. Before the sale, the short sale council will negotiate with the bank. The short sale lawyer will convince the bank that due to economic or financial hardship, the bank should agree to discount the mortgage balance. Therefore, after the home is sold the remaining balance is discounted.
Deed In Lieu
Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The home-owner's real estate council will negotiate with the mortgage holder. The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.
Bankruptcy
Another option that a attorney can suggest to a owner is that of filing bankruptcy in the event they already have gotten a sheriff's sale date. This will not only stop all foreclosure proceedings but will also give a chance to the property owner to repay some of the debt and retain the dwelling.
Refinancing
An lawyer can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the owner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.
Reverse Mortgage
A is a very good option that a foreclosure defense lawyer might suggest is that of reverse mortgage. This is simply a loan against the property. A property owner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.
Contesting Foreclosure
In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense attorney can help land owners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage lenders has filed the foreclosure proceedings illegally. A cautious homeowner with the help of a foreclosure defense attorney will be able to figure out what is illegal about the proceedings.
The bottom line is that there are many options available to property owners to help them avoid foreclosure. It is up to the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to end foreclosure. - 30462
The last few of years have been quite unstable for the home market. People are facing foreclosure and losing their dwellings. According to statistics, in Broward 4% of all the mortgages are facing foreclosure proceedings. It is pretty clear that the situation is really bad; however, a homeowner can seek the assistance of a foreclosure defense attorney to know their options.
The fact is that for a vast majority of homeowners foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceedings. They are not aware of the fact that there are solutions available to them that can help them end foreclosure proceedings.
Loan Modification
A specialized foreclosure defense lawyer can lay out the options available to property owners who are facing foreclosure. Under the Housing Bill passed by President Obama, property owners looking at foreclosure can go for foreclosure defense. Aid of a foreclosure defense council can help a property owners negotiate the mortgage modification with the lenders.
Short Sale
Still another option that owners have is that of a short sale. Under this option the owners will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the mortgage holder. Before the sale, the short sale council will negotiate with the bank. The short sale lawyer will convince the bank that due to economic or financial hardship, the bank should agree to discount the mortgage balance. Therefore, after the home is sold the remaining balance is discounted.
Deed In Lieu
Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The home-owner's real estate council will negotiate with the mortgage holder. The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.
Bankruptcy
Another option that a attorney can suggest to a owner is that of filing bankruptcy in the event they already have gotten a sheriff's sale date. This will not only stop all foreclosure proceedings but will also give a chance to the property owner to repay some of the debt and retain the dwelling.
Refinancing
An lawyer can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the owner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.
Reverse Mortgage
A is a very good option that a foreclosure defense lawyer might suggest is that of reverse mortgage. This is simply a loan against the property. A property owner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.
Contesting Foreclosure
In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense attorney can help land owners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage lenders has filed the foreclosure proceedings illegally. A cautious homeowner with the help of a foreclosure defense attorney will be able to figure out what is illegal about the proceedings.
The bottom line is that there are many options available to property owners to help them avoid foreclosure. It is up to the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to end foreclosure. - 30462
About the Author:
Adam Whazzer has been a mortgage mitigation expert for 20 years" he has offered Fort Lauderdale foreclosure defense and Broward Broward Broward Mortgage relief to foreclosure victims for nearly 18 years. If you are facing foreclosure, visit DvorakPa.com More Info On this Subject
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