If you are behind in your mortgage payments and in danger of losing your home, then you need to get the best professional legal advice possible to avoid foreclosure proceedings and save your property. Some possible strategies for homeowners to get out of financial distress include Mortgage Loan Modification (adjusting one or more of the terms of the mortgage to allow for a reduction in the borrower’s monthly mortgage payment), Mortgage Litigation against the mortgage company for predatory lending violations or mortgage fraud, or Short Sale (the sale of real estate where the lender agrees to accept less than the amount owed on the mortgage as part of an agreed upon sale, in order to prevent a home foreclosure), or filing for bankruptcy.
An attorney may be able to stop foreclosure by negotiating a loan workout/modification. Loan Modification is suitable for those who can't refinance or afford their current mortgage payments. If you have fallen behind on mortgage payments due to a temporary hardship (job loss, illness, death in the family, and military service), then Mortgage Loan Modification is a popular option that can preserve your credit, stop the foreclosure process and save your home. The process involves a modification of existing loan terms to new, more manageable terms in order to make your payments more affordable and allow you to get back on track. The most common loan modification techniques are reducing the principal balance, fixing adjustable interest rates, lowering the interest rate, forgiveness of payment defaults & Fees, or any combination of these. As a result, Good Attorney can help you waive negatively accrued interest, grant extensions on payments, lower your monthly payments, lower your interest rate, fix your adjustable rate, reduce your loan balance, re-amortize loan to include past due payments and importantly SAVE YOUR HOME. Remember that most lenders have some standards and rules when it comes to loan modification. Typically, the most common standards include having missed a payment, having experienced a recent financial hardship or change, owning a property and not having filed for bankruptcy. Typically, Homeowners with a high probability of getting a loan modification are those currently in an adjustable rate mortgage, who have a high interest rate, and/or are experiencing any kind of hardship.
A short sale is a common alternative for people who don’t qualify for a bank loan modification. It is the best options to both avoid foreclosure and a deficiency judgment. A short sale is generally faster and less expensive than a foreclosure. A short sale is the sale of real estate where the lender agrees to accept less than the amount owed on the mortgage as part of an agreed upon sale, instead of completing a foreclosure action of the property. Often a lender will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing.
If you need expert legal representation to assist you in Foreclosure, Predatory Lending Defense or Mortgage Litigation, Loan Modification, Short Sale, or Bankruptcy Consultancy, try The American Residential Law Group (ARLG). The American Residential Law Group is a south florida based law firm, with over 12 years in practice, providing the full range of consumer legal services for Florida USA clients. They have established a reputation for being highly efficient and successful on real estate matters that include stopping foreclosure, aggressive litigation against predatory lenders, negotiating more favorable term for loan modification and restoring client financial stability. ARLG's attorneys will carefully review your financial circumstances, existing loan documentation and legal rights before recommending a course of action. They always go for a win-win situation for both you and your lender and eventually help you restore your financial stability. With a strong foundation of knowledge and experience with U.S. bankruptcy law, real estate law and foreclosure proceedings, the ARLG lawyers have been able to successfully help distressed homeowners save their home.