Mortgage Defense Attorney – Assisting Households to avoid Foreclosure
The last few of years have been quite lousy for the real estate industry. Homeowners are facing foreclosure and losing their houses. According to facts, in Dade 4% of all the mortgages are facing foreclosure proceedings. It is obvious that the situation is really rotten; however, a homeowner can seek the help of a foreclosure defense attorney to know their options.
The fact is that for a vast majority of homeowners 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 solutions forthcoming to them that can help them avoid foreclosure proceedings.
Loan Modification
A specialized foreclosure defense lawyer can lay out the options available to homeowners who are facing foreclosure. Under the Housing Bill passed by President Obama, owners looking at foreclosure can go for loan modification. Help of a foreclosure defense council can help a owners negotiate the mortgage modification with the lenders.
Short Sale
Still another option that homeowners 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 lender. Before the sale, the short sale attorney will work with the bank. The short sale council will convince the bank that due to economic or financial hardship, the bank should agree to discount the loan balance. Therefore, after the home is sold the remaining balance is discounted.
Deed In Lieu
Another way that a property owner can avoid foreclosure is by opting for deed in lieu. The home-owner’s property attorney will negotiate with the mortgage holder. 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 lawyer 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 dwelling.
Refinancing
An council 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 deal that a foreclosure defense lawyer might suggest is that of reverse mortgage. This is simply a loan against the house. A homeowner 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 homeowners 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 lending corp has filed the foreclosure proceedings illegally. A attentive homeowner 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 property owners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to end foreclosure.
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