If you are facing foreclosure or currently in foreclosure, bankruptcy may be an option. A bankruptcy can cure a mortgage default or it can delay a foreclosure proceeding. It can also eliminate or prevent a mortgage lender from seeking a personal deficiency against you. Call the bankruptcy and foreclosure defense attorneys at Gregory K. Stern, P.C. to discuss your options.
Many homes have not recovered from the housing market crash in 2008. In fact, many homes are still underwater, meaning that there is no equity in the home because the debt on the property is greater than the value of the property. In some instance, the homeowner may decide that keeping the property is not in their best interest. They may stop making monthly mortgage payment, forcing their lender to initiate a foreclosure action. This is known as a strategic default. While this may sound enticing to some homeowners, there are disadvantages to a strategic default, including but not limited to the possibility of a deficiency judgment and a negative impact on your credit score. If you are considering walking away from your property call Gregory K. Stern, P.C. to discuss your options.
Deed in Lieu of Foreclosure
Our foreclosure defense attorneys can negotiate with the bank for a deed in lieu of foreclosure. The goal of a deed in lieu of foreclosure is to exchange the deed to the property for forgiveness of the mortgage debt. Essentially, the homeowner would give ownership of the property to the bank and the bank would forgive the mortgage indebtedness. While a deed in lieu of foreclosure has advantages to a strategic default, it requires extensive negotiation with the lender. Call at Gregory K. Stern, P.C. to discuss your options with our foreclosure defense attorneys.
Your home may be “underwater,” meaning that the debt on the property is greater than the value of the property. In some situations, you can negotiate with the bank to agree to allow you to sell the property for less than you owe and forgive the balance of the loan. Our attorneys can negotiate with the bank to convince the bank that a short sale is in everyone’s best interest.
If you are facing or currently in foreclosure you may be eligible for a loan modification. You can work with your lender to obtain a loan modification which changes the terms of your mortgage loan so that you can afford your monthly mortgage payments.