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.