Get Help When Facing Foreclosure or Fear of Losing Credit in Real Estate
An unprecedented number of Americans have found themselves in dire straits in these lean economic times; as a result, many have seen their homes plummet in value, while they retain high mortgages they can no longer afford. If you are facing foreclosure, a Fairfield County real estate attorney may be able to help you avoid loss of credit, and perhaps even keep your home.
A loan modification may be negotiated with your mortgage company in some cases. This in essence involves coming to an agreement to lower your monthly payment. A mortgage holder may be positively motivated to agree to a loan modification if they believe you will act in good faith to pay the new rate. The modification may be achieved in numerous ways, among them extending the term of the loan or reducing the interest rate.
For second mortgages, a lien strip may be possible as well. Your Fairfield County real estate attorney can assist you with this process, which is a form of bankruptcy. It is important to proceed with caution with lien strips, however.
Another option for you to consider is a short sale. You would not keep your home, but this may enable you to avoid destruction of your credit, and even perhaps a lawsuit for money that is still owed on the home. In a short sale, the lender agrees to sell the property at its current market value; this relieves you of any liability for the difference.
Call Us for Assistance
If you are unable to make your house payment and need legal assistance, call Fairfield County real estate attorney Mitchell Baker for a review of your situation today at (914) 681-9500.