Mortgage Legal Services
Mortgage Legal Services can help negotiate with lenders and avoid foreclosure or bankruptcy. This is complicated, confusing and a time-consuming process with which an attorney is very familiar. If your mortgage is insured through FHA, you could be eligible for an interest-free loan. HUD will pay the lender the amount to bring your mortgage current. Ask a lawyer specializing in mortgage legal services about it.
Basics Of Forestalling Foreclosure:
* Forbearance: Your lender agrees to temporarily reduce or suspend your loan payments, giving you extra time.
* Repayment plans: Your lender agrees to spread out your missed payments by adding the past due amounts to future monthly payments.
* Loan modifications: Your lender agrees to permanently change the terms of your loan.
* Modification options can include: Reducing the interest rate on the loan or extending the number of years you have to repay.
* Sales assistance: Lenders postpone mortgage payments until the home sells and even refer you to real estate agents.
* Short sale: Your lender agrees to accept less than the total amount owed in a pre-foreclosure sale.
* Deed-in-lieu of foreclosure: Sometimes called a “walkaway”. You give back your house, and your lender “forgives” your debt. Mortgage legal services can explain how this is less damaging to your credit rating than a foreclosure.
Back to the top of Mortgage Legal Services.