OVERCOMING AN UPSIDE-DOWN MORTGAGE
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 are 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?
If you are underwater on your mortgage, you should speak to an experienced attorney about foreclosure alternatives and additional legal options. At The Law Offices of Kassab Arabo, PLLC, we can explain what specific options may be available given your unique circumstances and goals for the future. Contact a West Bloomfield underwater mortgage attorney today to learn how we can help.
UNDERWATER MORTGAGE RELIEF
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.
- Short sales — The bank may allow you to sell your home for less than what you owe on the mortgage. This is known as a “short sale”.
- Loan modification — Adjusting the terms of your mortgage — whether the interest rate, the number of payments, or the amount owed — may be an option. Talk to an attorney to learn more about seeking a loan modification.
- Principal Debt Loan Modification – Reducing the actual principal owed on your mortgage to the actual value of the home by the forgiveness of mortgage debt.
- Deed in Lieu of Foreclosure – Executing a deed back to the mortgage company, as opposed to the mortgage company foreclosing on your home.
- Chapter 13 bankruptcy — Chapter 13 bankruptcy — or reorganization bankruptcy — is often used by individuals who are at risk of foreclosure and wish to save their homes. A repayment plan is established in this type of bankruptcy, allowing debtors to pay back a portion or all of their debt over a period of three to five years.
Our firm can discuss additional options that may be right for you.
CONTACT AN OAKLAND COUNTY UNDERWATER RELIEF ATTORNEY
Are you upside down on your mortgage? Contact The Law Offices of Kassab Arabo today at 248-686-1822 to discuss your options with a lawyer. We offer a free initial office consultation. Our office hours are 8 a.m. to 5 p.m. on Monday through Friday, and evenings and weekends by appointment. Our firm is in West Bloomfield, Michigan, and we serve clients throughout southeast Michigan.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.