Workouts and Short Sales to Avoid Foreclosure
You cannot count on a government bailout to rescue you from foreclosure. You also cannot count on your bank or mortgage company to act in your best interests. Most banks and mortgage companies will not even discuss modifying your loan until you are several months behind in payments. The modification they eventually do offer you requires an upfront processing fee, typically $1,200 to $3,000, and gives you little or no break on your monthly payment. In addition, the proposed modification will not lower the principal balance due on the note which is probably much greater than the fair market value of your home. You scrape together the processing fee, carefully assemble the forms and documents the bank or mortgage company has demanded, and wait patiently for months for a decision. While you wait, the bank or mortgage company files its foreclosure lawsuit. If you are like most distressed homeowners, you ignore the lawsuit because you believe that your modification approval is "just around the corner". You then find out that your loan modification has been rejected. Because you ignored the foreclosure lawsuit and failed to take the proper legal steps to protect yourself the bank or mortgage company now has a much easier path to taking posession of your home.
I am Jeffrey Klein, a foreclosure defense attorney who will fight to save your home and represent you in negotiations with lenders and their attorneys. My Daytona Beach law practice offers strong legal advocacy to homeowners in Volusia County, surrounding counties and throughout Central Florida.
Time Is Critical
Contact me today for proactive measures to halt foreclosure and representation in modifying your loan or surrendering the property on your terms You will not be able to save your home if you put off action too long.
Legal Help to Save Your Home
The first order of business is putting the brakes on foreclosure. Only by responding aggressively to the foreclosure notice can you buy time and put yourself in a position to negotiate a solution. I can then sit down with you to explore all your options:
- Loan modification — A workout may involve extending the loan, forgiving some of the arrears, refinancing at a lower or fixed rate, or other measures that allow you to afford the mortgage and catch up.
- Government bailout assistance (if applicable) for homeowners facing foreclosure.
- Short sale — Selling your house and turning over the proceeds to the mortgage lender as full or partial satisfaction of what you owe.
- Deed in lieu of foreclosure — Surrendering the property to the lender to be released from a mortgage you can't afford.
- Chapter 13 bankruptcy — Staying in the home and repaying your mortgage arrears over time.
My job is to make sure that the bank or mortgage company does not take advantage of you through "high-risk" interest rates, excessive loan modification fees or other unfavorable terms of the loan workout or property transaction.
Call 866-819-6032 to discuss your homeowner rights and options to save your home. I offer a initial consultation, and as your lawyer I personally handle your case.
