Foreclosure is a serious issue in the United States. Each year, millions of people go through the foreclosure process, and hundreds of thousands of citizens have their homes repossessed. Many of those people suffer such an outcome because they do not seek assistance early in the process. A foreclosure does not have to be the end result of hard times in the New York area. A struggling homeowner can take one of several steps to ensure that he or she has a fair opportunity to keep the home. The following are some foreclosure prevention solutions that a reliable attorney can help a homeowner to request:
A consumer can request a deferment without securing an attorney’s help, but his or her efforts may not be effective. Mortgage companies often make it difficult for consumers to contact the financial department. A seasoned attorney will know the right numbers to call to bring attention to the situation ASAP. A deferment is a mortgage payment extension that allows the homeowner additional time to pay the loan. The principal does not accrue interest during the deferment period.
A forbearance is similar to a deferment in that it allows a homeowner to have additional time to pay loan proceeds. However, the difference between a deferment and forbearance is that the forbearance will continue to accrue interest for the duration of the forbearance period. Positive and negative elements exist for deferments and forbearance.
A loan modification is a special arrangement that allows the homeowner to have his or her loan redefined. The mortgage company will create a brand new loan agreement that the consumer can easily understand. Some loan modifications have strict requirements connected to them. For example, a homeowner must complete a long application to be considered for the modification. That person will need to gather all necessary paperwork to prove that a dire need prompted the request for a loan modification. A sudden change in circumstances can qualify a homeowner for loan modification. The person will have to prove that he or she is suffering with a hardship that affects his or her ability to pay bills.
A change in one’s household size could qualify that person for assistance. The loss of a job, the birth of a child, or a sudden disability could be acceptable reasons that a mortgage company may agree to a loan modification. The homeowner would have to produce supporting documentation for the request to be granted. Additionally, the homeowner would have to complete an extensive application for a loan modification. Getting an attorney to assist with requesting the paperwork and completing the paperwork is advised. The homeowner will want a lawyer because a lawyer can speed up the process. Many times, banks take homeowners through slow processes that seem as if they will never end. They may tell the homeowner that they never received the completed loan modification request. They may take weeks or months to send the paperwork to an interested party. An attorney can make the mortgage company move quickly using a number of strategies.
A short sale is something that a homeowner can do to avoid foreclosure if he or she is not planning to keep the house. The short sale is the sale of a home for an amount that is less than the balance that the borrower owes on the property. The bank has to agree to such a sale before the homeowner can conduct it. If the bank accepts the arrangement, then the borrower will be free from debt and free from a foreclosure blemish on his or her record. Instead, the mortgage company will accept the short sale amount. Using an attorney for such a complex process is necessary.
Deed in Lieu
A deed in lieu is another procedure that a homeowner may consider conducting with the help of an experienced attorney. A deed in lieu is a movement that a person makes when all other solutions seem impossible. The homeowner agrees to return the property to the bank by transferring the ownership to it without waiting for a public auction or a forced foreclosure. The bank may settle the debt if the borrower conducts the transaction with the help of an experienced attorney.
Our New York law firm can assist a homeowner with the woes of a possible foreclosure. We can help such a person to develop a tailored plan that will keep him or her in the home. Our goal is to see people survive and not have to deal with seven to 10 years of a tarnished credit score. We would rather see the person thriving inside of the home that he or she purchased as a dream fulfillment. Interested parties can call and schedule an appointment today.
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