Do I need to Hire an Attorney? Falling behind on your mortgage payments and trying to come up with a solution to the problem can be an extremely stressful. Therefore, in many circumstances, it makes sense to consult with an attorney about your property and the potential solutions that are available to you, including a short sale. While it is certainly not a requirement to have an attorney, it is wise to consult with one. The attorneys at Caserta & Spiriti understand not only foreclosure but all of the potential solutions available to you and which may best serve you. We, therefore, recommend that you contact an attorney to assist you.
Negotiations and Legal Action Based on Your Goals
Equipped with the outcome of your loan evaluation, we will work together to develop a plan based on your goals. Suing your lender is just one option. Contingent upon your situation and the position of your lender, we may be able to negotiate:
A forbearance agreement, refinancing agreement or mortgage modification –resulting in an alternative payment plan that avoids foreclosure
A loan/mortgage modification – there are many different types of modifications available to our attorneys for you including, a reinstatement by paying your lender the entire past due payment will bring your mortgage current; this option is rarely feasible.
Selling your home – you may simply sell your home before the foreclosure sale date. Sometimes, the homeowner is unable to sell the home outright at the desired sale price and this is not an option.
Short Sale – we may be able to negotiate a short sale on your behalf with your lender. In this instance, the lender may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process.
Deed-In-Lieu of Foreclosure – we can arrange for you to simply give the home back to the lender and walk away with a clean slate.
Reduction —sometimes the lender will excuse the portion of your balance to less than the loan amount
Bankruptcy – this is the last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure. We work with Bankruptcy counsel who will assist with this process.
Foreclosure Defense – after analysis, if it is in your best interest, our attorneys may be able to take your lender to court.
We will explain all of your legal protections and options afforded to you by the law!