If you are currently unable to pay your mortgage or if you are already
faced with foreclosure the time to act is now. The clock is ticking and you
need to know your options.
We are here to help.
There are a number of options in a foreclosure situation one of which
might apply to you. Below is a list of some of the options available -
please read on:
Short sale:
A short sale means that the lender is accepting less than the total amount
due as a payoff to its mortgage. Not all lenders will accept short sales or
discounted payoffs, especially if it would make more financial sense to
foreclose.
However, we believe that in this market we can negotiate a short sale for
you since lenders are more inclined to accept short sales in lieu of
foreclosing or taking the risk that they may have to foreclose in a market
where the value of your property may be less than the amount of the
lender’s mortgage.
A short sale allows you to sell your property to a third party at a price
which is less than what you owe.
Reintatement Plan:
A reinstatement plan may be entered into with your lender where you are
behind on your payments or even where foreclosure proceeding has begun. If
you wish to reinstate the mortgage you will have to come up with a lump sum
in order to bring the mortgage current, by either refinancing the property,
borrowing funds from a third source or using existing funds at your disposal.
The lender may not agree to reinstate your mortgage based on your credit or
income or other factors.
Loan Modification / Loan restructuring:
If you can currently make your regular mortgage payment, but you cannot
catch up with the past due amounts, we will negotiate with your lender to fold
any past due amounts, including interest and escrow into the unpaid balance.
This new amount will be re-amortized over a new period of time.
Or, if you are unable to make payments at this rate, we will negotiate with
your lender to extend your loan for a longer period of time modifying the loan
amount to a more affordable level.
A loan modification will change your existing mortgage note and give you a
fresh new start in managing your property. Your account will be brought up
to date immediately.
Pre-Foreclosure Sale:
If you are at least 2 months delinquent and you are willing to sell your home or
have a contract for sale of your home, lenders may be willing to put your
foreclosure on hold, if you are able to sell your house within 3 to 5 months
and your new appraisal shows that the value of your home meets HUD
program guidelines. If accepted by the lender, you will be able to payoff your
own mortgage loan to avoid foreclosure and prevent any damage to your
credit rating.
Deed-in-lieu of Foreclosure:
If all else fails, we may be able to obtain permission from your lender to take
back a deed from you in lieu of foreclosure. This will not save your home but
is less costly than defending a foreclosure action and although your credit
rating will suffer, it will not suffer as severely as if you were foreclosed
upon. We attempt to, but cannot guarantee that the lender will not try to
obtain a deficiency judgment against you. The Lender may require that your
home has been listed with a real estate agent for a certain amount of time in
order to accept the deed.
The Firm makes no guarantees that it will be able to reduce the Client(s)
existing mortgage debt on the property or accomplish a short sale on the
Client’s property, or re-structure Client’s loan, obtain a loan modification,
repayment plan, or obtain a reinstatement plan on the Client’s real property
and no such guarantee’s have been made expressly or implied on this website.
faced with foreclosure the time to act is now. The clock is ticking and you
need to know your options.
We are here to help.
There are a number of options in a foreclosure situation one of which
might apply to you. Below is a list of some of the options available -
please read on:
Short sale:
A short sale means that the lender is accepting less than the total amount
due as a payoff to its mortgage. Not all lenders will accept short sales or
discounted payoffs, especially if it would make more financial sense to
foreclose.
However, we believe that in this market we can negotiate a short sale for
you since lenders are more inclined to accept short sales in lieu of
foreclosing or taking the risk that they may have to foreclose in a market
where the value of your property may be less than the amount of the
lender’s mortgage.
A short sale allows you to sell your property to a third party at a price
which is less than what you owe.
Reintatement Plan:
A reinstatement plan may be entered into with your lender where you are
behind on your payments or even where foreclosure proceeding has begun. If
you wish to reinstate the mortgage you will have to come up with a lump sum
in order to bring the mortgage current, by either refinancing the property,
borrowing funds from a third source or using existing funds at your disposal.
The lender may not agree to reinstate your mortgage based on your credit or
income or other factors.
Loan Modification / Loan restructuring:
If you can currently make your regular mortgage payment, but you cannot
catch up with the past due amounts, we will negotiate with your lender to fold
any past due amounts, including interest and escrow into the unpaid balance.
This new amount will be re-amortized over a new period of time.
Or, if you are unable to make payments at this rate, we will negotiate with
your lender to extend your loan for a longer period of time modifying the loan
amount to a more affordable level.
A loan modification will change your existing mortgage note and give you a
fresh new start in managing your property. Your account will be brought up
to date immediately.
Pre-Foreclosure Sale:
If you are at least 2 months delinquent and you are willing to sell your home or
have a contract for sale of your home, lenders may be willing to put your
foreclosure on hold, if you are able to sell your house within 3 to 5 months
and your new appraisal shows that the value of your home meets HUD
program guidelines. If accepted by the lender, you will be able to payoff your
own mortgage loan to avoid foreclosure and prevent any damage to your
credit rating.
Deed-in-lieu of Foreclosure:
If all else fails, we may be able to obtain permission from your lender to take
back a deed from you in lieu of foreclosure. This will not save your home but
is less costly than defending a foreclosure action and although your credit
rating will suffer, it will not suffer as severely as if you were foreclosed
upon. We attempt to, but cannot guarantee that the lender will not try to
obtain a deficiency judgment against you. The Lender may require that your
home has been listed with a real estate agent for a certain amount of time in
order to accept the deed.
The Firm makes no guarantees that it will be able to reduce the Client(s)
existing mortgage debt on the property or accomplish a short sale on the
Client’s property, or re-structure Client’s loan, obtain a loan modification,
repayment plan, or obtain a reinstatement plan on the Client’s real property
and no such guarantee’s have been made expressly or implied on this website.
Foreclosure Relief:
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LAW OFFICES OF PHILIPPE SYMONOVICZ
We are dedicated to your success
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