Facing Foreclosure

On April 17, 2010, in Bankruptcy, Foreclosure, by Robbie L. Vaughn, Esq.

I’m facing foreclosure, What can I do?

Some of your options:

1. Do something:

-Call your  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 might able to do this yourself).

-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. Some lenders are offering a cash incentive to homeowners if they are willing to short sale their home. You will likely need the help of a R.E. Broker & a Real Estate 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 Real Estate 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 get evicted.

We believe most people should consider contesting the foreclosure of their home.  We were recently successful in getting a foreclosure action stayed.  We hope to get it dismissed, or force the lender to do a loan modification.

Mineola Foreclosure Attorneys

Call The Law Firm of Vaughn, Weber & Prakope, PLLC, at 516-858-2620 to speak with a foreclosure defense attorney and/or a bankruptcy lawyer.

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