Few things are more frightening than the prospect of losing your home. Unfortunately, this is a reality that millions of Americans continue to face. If you’ve received a foreclosure notice in the mail, the time to act is now. Waiting will only make the situation worse. Contact a Montgomery County foreclosure defense lawyer from Mudrick & Zucker today so we can get started working on your case.
Mudrick & Zucker is a proud representative of individuals facing foreclosure who want nothing more than to remain in their homes and get their finances back on track. From the moment you sit down with our firm, you can have peace of mind, knowing you have a competent team of legal advocates in your corner who will stop at nothing to get the results you need. Speak with our dedicated Montgomery County lawyers so you can tell us your story.
A loan modification is an agreement between you and your lender to change the terms of your loan, such as lowering the interest rate, extending the repayment period, or reducing the principal balance. A mortgage modification can make your monthly payments more affordable and help you avoid foreclosure.
That being said, not all borrowers qualify for a mortgage modification, and not all lenders are willing to offer one. You may need to submit a lot of paperwork and documentation to prove your financial hardship and ability to pay the modified loan. A seasoned Montgomery County foreclosure defense lawyer can help you negotiate with your lender and prepare a strong application for a mortgage modification.
In some cases, you may even be able to argue that the lender in question is violating the law in some way. For example, you may have grounds to challenge the validity of the foreclosure notice, meaning your lender failed to send you a notice of default and notice of intent to foreclose within the legally acceptable timeframe.
In other cases, you may have grounds to challenge the accuracy of the loan account, meaning you would dispute the amount your lender claims you owe. If successful, this can potentially reduce or even eliminate your debt, thereby stopping the foreclosure and allowing you to remain in your home.
You may even be able to challenge the standing of the lender itself, and if they can’t produce the original promissory note or mortgage, or if they cannot prove that they own or represent the owner of the debt, then they may not have legal standing to foreclose. This, in turn, can delay the foreclosure process until the lender proves their standing.
A forbearance is a temporary suspension or reduction of your monthly payments for a certain period of time, which, if achieved, can give you some breathing room to catch up on your payments or find another solution to avoid foreclosure.
Importantly, however, forbearance does not eliminate your debt or stop the interest from accruing, so it is not a permanent fix. You will still have to resume your payments at the end of the forbearance period, and you may have to pay a lump sum or even higher payments to make up for the missed or reduced payments. If we deem this to be the right option for you, a foreclosure defense lawyer from our firm can help you request a forbearance from your lender and ensure you understand the terms and conditions of the agreement.
A short sale is when you sell your home for less than what you owe on your mortgage, and your lender agrees to accept the proceeds as full payment of your debt. This can help you avoid foreclosure and the negative consequences that come with it, such as damage to your credit score, deficiency judgment, and tax liability, however, you will have to move out of your home, which, for most people, isn’t ideal.
Additionally, a short sale requires the approval of your lender and any other lien holders on your property, and it may take a long time to find a buyer who is willing to pay the market value of your home. That said, short sales are a viable option for many, and if we conclude it may be the best option for you, we can help you negotiate a short sale with your lender and ensure your rights are protected.
Mudrick & Zucker is a staunch legal advocate for all those facing foreclosure. We know the ins and outs of the law, and we are prepared to devise an effective strategy to ultimately keep you in your home. Contact us today so we help protect you and your family from foreclosure.