Mortgage Defense Attorney - Aiding Households to avoid Bankruptcy
The last couple of years have been quite rotten for the housing industry. Families are facing foreclosure and losing their dwellings. According to statistics, in Dade 4% of all the mortgages are entering foreclosure proceedings. It is pretty clear that the situation is really sad; however, a homeowner can seek the help of a foreclosure defense attorney to know their options.
The fact is that for a vast many of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceedings. They are not knowledgeable of the fact that there are options available to them that can help them avoid foreclosure proceedings.
Loan Modification
A specialized foreclosure defense attorney can lay out the options available to homeowners who are dealing with foreclosure. Under the Housing Bill passed by President Obama, property owners looking at foreclosure can go for loan modification. Aid of a foreclosure defense lawyer can help a 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 attorney will work with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to discount the mortgage balance. Therefore, after the house 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 property owner's real estate lawyer will negotiate with the mortgage%20lender. The property owner 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 property 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 owner to repay some of the debt and retain the house.
Refinancing
An attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner 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 attorney 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 property owners can successfully contest foreclosure proceeding. A foreclosure defense lawyer can help property 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 property owner 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 several options available to homeowners to help them avoid foreclosure. It is up to the owners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to end foreclosure. - 29866
The last couple of years have been quite rotten for the housing industry. Families are facing foreclosure and losing their dwellings. According to statistics, in Dade 4% of all the mortgages are entering foreclosure proceedings. It is pretty clear that the situation is really sad; however, a homeowner can seek the help of a foreclosure defense attorney to know their options.
The fact is that for a vast many of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceedings. They are not knowledgeable of the fact that there are options available to them that can help them avoid foreclosure proceedings.
Loan Modification
A specialized foreclosure defense attorney can lay out the options available to homeowners who are dealing with foreclosure. Under the Housing Bill passed by President Obama, property owners looking at foreclosure can go for loan modification. Aid of a foreclosure defense lawyer can help a 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 attorney will work with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to discount the mortgage balance. Therefore, after the house 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 property owner's real estate lawyer will negotiate with the mortgage%20lender. The property owner 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 property 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 owner to repay some of the debt and retain the house.
Refinancing
An attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner 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 attorney 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 property owners can successfully contest foreclosure proceeding. A foreclosure defense lawyer can help property 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 property owner 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 several options available to homeowners to help them avoid foreclosure. It is up to the owners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to end foreclosure. - 29866
About the Author:
Adam Whazzer has been a mortgage mitigation expert for 20 years" he has offered fort Lauderdale Broward Foreclosure Help and fort Lauderdale Broward Foreclosure Help to foreclosure victims for nearly 18 years. If you are facing foreclosure, visit DvorakPa.com More Info On this Subject
