If you are struggling to keep up with your mortgage payments but you don’t want to go through foreclosure proceedings during a bankruptcy, you still have options such as a short sale.
A short sale means your mortgage lender (usually a bank or financial institution) allows you to sell your home for less than what you owe. If you are no longer able to afford your home, a short sale allows you to walk away owing little or no money to your lender. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose. Additionally, neither all sellers nor all properties qualify for a short sale.
We can help distressed homeowners financially by working with lenders to create an agreement to a short sale. Often, the lender would rather absorb the loss than have a home vacant, which devalues the property even further over time.
Are you facing the possibility of foreclosure? Are you interested in learning about ways in which to keep your home? There may be options available that would allow you to stop foreclosure and make your mortgage payments more affordable. The process can be complex, so it is important to work with an experienced loan modification professional to ensure that the correct steps are taken.
If you meet certain qualifications, you may be able to get a loan modification that could help to reduce payments, reduce the interest rate or even reduce the principal on your home loan. A loan modification may even help to get rid of late fees.
A loan modification is not automatic or guaranteed. Lenders may not be interested in agreeing to a modification because it could mean financial loss to them. A lawyer can help you negotiate favorable terms based on your specific needs and goals.
Do you owe more on your mortgage than your house is currently worth? This is a growing trend in Michigan and across the United States. You’re probably struggling, wondering what to do. Should you keep making payments, despite your home’s current value? Or are there other options available that would allow you to sell your home and minimize your financial loss?
The distressed housing market offers little hope to underwater homeowners in Michigan. But if you’re willing to dig deep, you may find that relief may be more accessible than you previously thought. There may be legal options available that your mortgage company won’t tell you about such as loan modification, short sales, Chapter 13 bankruptcy and Deed in Lieu of Foreclosure. Our firm can discuss additional options that may be right for you.
Foreclosures & Short Sales are a beyond stressful situation for most clients as it involves the family home. Our firm is dedicated to navigating you and your family through this stressful situation by providing the best legal options. We are dedicated to settling any deficiency owed in a short sale at the time of closing, so there are no surprises later. If you are facing a foreclosure deficiency or short sale deficiency in a lawsuit by the bank we are more than experienced to assist you and your family in a great settlement to avoid Bankruptcy.
Call or Text Attorney Alivia Arabo Kassab for your free consultation.
When facing the possibility of foreclosure, homeowners may feel as though they have limited options to save their homes. It is important to know that options do exist to stop the foreclosure process and possibly even stay in your home. Deed in lieu of foreclosure is one of these options.
A bank may accept a deed in lieu of foreclosure from the homeowner to avoid foreclosure. Essentially, the homeowner is voluntarily giving the property back to the bank to be released from the outstanding debt, and the bank assumes ownership of the property. It may be possible for the homeowner to work out an arrangement with the bank to stay in the home.
The process is complex, and it is advisable to work with a foreclosure attorney to ensure that the steps are completed properly. If your goal is to stay in your home and to avoid foreclosure, you should talk to a lawyer to learn how this process can work for you. Additional foreclosure avoidance options may also be available such as a short sale or loan modification.