Most homeowners are unaware of the range of options available to them when they are faced with a foreclosure. Depending on your situation these options can either keep you in your home or allow you to move on in a way that is most financially beneficial to you. In any event, do not ignore the bills. Doing nothing will only make things worse. We can help you select the best options for your family and stop the foreclosures.
• Assert all applicable defenses
Most defenses against a foreclosure are related to the conduct of your loan officer, items not properly disclosed, and regulatory requirements that the lender has not complied with. Our experienced Foreclosure Attorneys will conduct an in depth analysis of your loan documents and assert all relevant defenses to fight your foreclosure. If you have actionable defenses we will negotiate directly with your lender’s legal department. Your mortgage won’t disappear, but your defenses should result in reducing your principal balance, interest rate and/or monthly payments.
Forbearance is a temporary agreement which suspends payments for a short period of time, stops a foreclosure and gives you a second change. Mortgage lenders will only provide foreclosure forbearance if you can prove you will eventually secure funds or solve the problem which caused you to miss mortgage payments. Some common examples would be an upcoming tax refund, a stop-foreclosure loan, or showing that you will be receiving a bonus or increased future earnings that can bring your mortgage up-to-date.
• Loan Modification
If you can’t bring your loan current but you want to keep your home, negotiating with your lender can stop the foreclosure during the negotiations process, and can typically result in an improved loan. Your current loan remains in place, but your principal balance, interest rate and/or monthly payments are reduced. We have experienced professionals who will prepare and submit a formal presentation to your mortgage company, postpone the foreclosure, and negotiate for improved loan terms on your behalf. This is not something you can typically do successfully on your own.
• Federal Foreclosure Help
In response to the recent mortgage crisis the Federal government has announced a foreclosure prevention plan consisting of a refinancing program for borrowers who are current on their mortgage payments, and for a mortgage modification program for borrowers in default. California is also requiring lending institutions to contact delinquent homeowners 30 days prior to filing a Notice of Delinquency in order to foster loan modifications. These programs come with restrictions and you must meet various criteria to qualify. Contact the appropriate Federal and State agencies for further details.
• Stipulated Foreclosure with no deficiency, or
• Deed in Lieu of Foreclosure
If you are unable to afford payments, with or without a reasonable reduction in your loan, then rather than face a foreclosure and eviction, we can typically negotiate a foreclosure with no deficiency or a deed in lieu of foreclosure and simultaneously arrange for an extension of time for you to remain in your home.
• Short Sale
Where your equity is substantially below your loan balance, our professionals can help you sell your home and negotiate with your lender to accept a payoff amount less than what is owed.
• Filing Bankruptcy
Unforeseen changes to the economy have created circumstances in which many people who previously never imagined they would ever be in financial trouble now find themselves in a situation that may merit Bankruptcy. It is an understandably difficult situation, but one which requires a proactive approach. Please see our section on Bankruptcy to learn the various options, including Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and Chapter 11 Bankruptcy, more commonly known as Business Bankruptcy or Corporate Bankruptcy. Recent changes to the law have made it even more important to consult with a qualified Bankruptcy Attorney. Our experienced Bankruptcy Attorneys will go over all your options, determining whether you qualify under the new law, and also advising you how Bankruptcy can be used as a tool in the Foreclosure Defense Process.
We will discuss all your options, and aggressively pursue a strategy that works best for your situation.
Don’t delay! If you have been served with a Notice of Default, you should contact a Foreclosure Attorney immediately to find out what your options are, and what actions you need to take right away. Having the right Foreclosure Information can often make the difference between saving your home or not. I n many cases, we can help you stay in your home. And when staying in your house is not your best option, we can help you move on from your foreclosure in the best way possible and help you rebuild your life.
If you are in the process of foreclosure, facing foreclosure soon, or would simply like more foreclosure information, please contact us for a Free Consultation to learn what options are available to you.
Allebest & Associates can help you with any foreclosure issues. Call today for a free, no obligation consultation (949) 454-1774 or to get started. We can help you work through a loan modification or pursue other options.
Call today for a free, no obligation analysis of your situation:
(949) 454-1774 or