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Prevent Foreclosure at any cost because Your Lender Is Not In Business To Help You! The lender will take your home unless you get your loan modified. Listed below are some options which lenders usually offer to avoid foreclosure. But you should seek legal advice before taking any of these.
Prevent Foreclosure with Mortgage repayment plan: If you are in some sort of short-term financial setback like expensive car repairs, a medical emergency, your lender may agree to provide some relaxation to let you pay off your missed payments in installments over the following months.
Prevent Foreclosure with Loan modification: Mortgage servicers may adjust the loan terms usually by extending the amortization timeframe, lowering the rate of interest or rolling the delinquent amount into the loan and re-amortizing the balance to a new one.
Prevent Foreclosure with Deed-in-lieu of foreclosure: A deed-in-lieu of foreclosure is when you turn over your home to a lender voluntarily to avoid foreclosure proceedings. In some instances, going this route could help you avoid paying the remaining loan balance on your mortgage but that depends on your lender’s rules and the state you live in. Before you get a deed-in-lieu of foreclosure, ask your lender if they will waive any deficiency, which is the difference between your home’s value and what you still owe on the mortgage.
Prevent Foreclosure with Short sale: A short sale happens when the lender allows you to sell the house for less than the outstanding loan amount, takes the proceeds and forgives any remaining debt. A real estate agent with experience in short sales may be able to help you find a buyer and guide you through the lengthy process of obtaining the necessary bank approvals.
Prevent Foreclosure with Short refinance: The lender forgives some of your debt and refinances the rest into a new loan. This type of refi was more common in the aftermath of the mortgage crisis and may not be available for most homeowners now.
Prevent Foreclosure with Refinance with a “hard money” loan: You may not like like the high rates and fees of a hard money loan, from private lenders, most often an individual, but it may help you in buying time so that you can sell your home to avoid foreclosure.
Avoid Foreclosure even if you have problems paying the mortgage, if you received a notice from your lender to contact him, instead of ignoring him. If you want to avoid the problem then please contact as soon as possible with your lender, respond to letters and phone calls from him. If you do not communicate with your lender you will not find solutions to prevent foreclosure. You can also contact a counseling agency for foreclosure and they will send you home a specialist adviser who will be willing to help for free. So you will not pay anything and thus you will save money on your budget. You can search online counseling agencies in foreclosure matter.
If you have no money to pay the mortgage to the bank do not ignore the problem and call your lender immediately. If you delay to solve the problem are in danger to lose your house. If you delay even more the problem becomes more serious and you will be in a situation of enforcement. In this case your life is in danger because there is a risk to remain on the street. Lenders do not want to take borrowers’ home. On the contrary they want to help them to avoid the situation of losing their house. They will find solutions to avoid foreclosure. To do this they will send a completed instructions guide to help you avoid foreclosure. On the Internet there are books with instructions for avoiding foreclosure. So follow lender’s foreclosure advice.
You can go online because there you will find a series of books at affordable prices. Also you can find specialized sites of avoiding foreclosure process and you can get information free. All you have to do is to subscribe on these sites and to have patience to search for information regarding avoiding foreclosure matter. Look for information on your rights as a borrower and find out the foreclosure laws so you can avoid this process. If you have a failure and you ignored the lender’s advices you will not have any excuse in court to Avoid Foreclosure. Ignorance leads to serious consequences. Try to analyze your most important priorities. In case you are in the situation of losing your home then go to sell your jewelry in order to pay a portion of the mortgage loan that you owe to the bank.
About Attorneys Foreclosure Website
Attorneys Foreclosure Website (attorneysforeclosure.com) is a team of real estate bloggers assembled to guide how to legally fight for people’s homes during times of foreclosure. Due to the current mortgage crisis sweeping America we have created this website as a reference for you to know the ins and outs of real estate law.
Attorneys Foreclosure Website (attorneysforeclosure.com) is just a reference website and not licensed to, and do not directly or indirectly solicit, process, place, or negotiate mortgage loans for others, or offer to solicit, process, place, or negotiate mortgage loans for others.
Attorneys Foreclosure Website (attorneysforeclosure.com) offer a wide array of foreclosure related references including, but not limited to:
- Loan Modifications, the systematic alteration of mortgage loan agreements that help those having problems making the payments by reducing interest rates, monthly payments or principal balances. Lending institutions could make one or more of these changes to relieve financial pressure on borrowers to prevent the condition of foreclosure. (source:wikipedia)
- Mortgage Modifications, a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e. mortgagee and mortgagor in mortgage states; Trustee and Trustor in Trust Deed states). In general, any loan can be modified, and the process is referred to as loan modification or debt rescheduling. (source: wikipedia)
- Foreclosures, a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. (credit: wikipedia)
- Short Sales, which is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished. (credit: wikipedia)
For more information on the foreclosure process please visit our information section.