You have rights, let our team fight for you Alternatives to Foreclosure
Now that the federal moratorium on mortgage foreclosures has ended, homeowners will have to reckon with thousands of dollars of overdue payments that were paused for more than a year. But don’t despair, there’s still a lot of help available.
President Biden announced on Tuesday a temporary halt on evictions in many parts of the country, but the initiative did not specify additional relief for homeowners who have fallen behind on mortgages because of the pandemic.
Under the Cares Act, borrowers hit hard by the pandemic and having trouble making their mortgage payments were provided with two vital types of protection.
One was a foreclosure moratorium, which ended July 31.
A tsunami of deferred debt is about to hit homeowners no longer protected by a foreclosure moratorium The second protection gave borrowers the right to ask for and receive a forbearance, which permits them to temporarily stop making mortgage payments.
The automatic approval of pandemic-related relief was key. People generally couldn’t be rejected for forbearance. While officially the relief only applied to federally owned or backed loans, many private lenders followed the government’s lead. As pandemic-specific protections sunset, help is still available to prevent homes from going into foreclosure. Here’s what you need to know if you can’t pay your mortgage.
If you are behind on your loan and need assistance call us today.
The path to financial recovery may not be an easy one so you need the right law firm on your side. Trust us when we say that we can help. We pour every bit of effort we have into helping you avoid foreclosure through methods like:
- Loss mitigation
- Forbearance – Temporarily allows you to make a lower monthly payment or even no payment for a short period of time. Those payments will usually need to be paid back at a later time.
- Short sale – working with your lender to sell the home for less than what is owed.
- Deed in lieu of foreclosure – transferring the title of the property to the lender in exchange for having the mortgage debt forgiven.
Are you eligible for Mortgage Foreclosure Defense?
To be honest, it can be tricky. Whether or not you get loss mitigation approval depends on a number of things, and the bank issuing your mortgage has the final say.
- Your bank’s mortgage foreclosure decision rests largely on how much money you make.
- If you earn too much, the bank won’t consider you for an adjustment.
However, if you don’t earn enough, the bank may decide you are unable to make a lowered payment and push ahead with foreclosure proceedings anyway.
We are here for you
If your lender demands evidence of your financial hardship, our attorneys stand behind you every step of the way. We build a compelling case for your genuine need and ability to meet a modified mortgage payment so that you can keep your home.
A modification is never guaranteed, but we are often successful in getting your lender to:
- Lower your interest rate
- Restructure the terms of your loan
- Move your deficiency balance to the end of the loan
We will do everything we can to help you find a path out of this situation. Please don’t delay. Contact us today and let us present you with your best options to move forward.