Mortgage Defense Attorney – Helping Homeowners to avoid Bankruptcy

The last couple of years have been quite bad for the housing industry. People are facing foreclosure and losing their houses. According to statistics, in Dade 4% of all the mortgages are facing foreclosure proceedings. It is pretty clear that the situation is really lousy; however, a homeowner can seek the help of a foreclosure defense attorney to know their options.

The fact is that for a vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure system. They are not knowledgeable of the fact that there are options available to homeowners that can help them avoid foreclosure proceedings.

Loan Modification

A specialized foreclosure defense lawyer can lay out the options available to owners who are facing foreclosure. Under the Housing Bill passed by President Obama, property owners looking at foreclosure can go for loan modification. Assistance of a foreclosure defense attorney can help a homeowners negotiate the mortgage modification with the lenders.

Short Sale

Still another option that owners have is that of a short sale. Under this option the property owners will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the mortgage lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale lawyer will convince the bank that due to economic or financial hardship, the bank should agree to discount the mortgage balance. Therefore, after the house is sold the remaining balance is discounted.

Deed In Lieu

Another way that a owner can avoid foreclosure is by opting for deed in lieu. The home-owner’s property lawyer will negotiate with the lender. The owner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.

Bankruptcy

Another option that a council can suggest to a homeowner is that of filing bankruptcy in the event they already have gotten a sheriff’s sale date. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.

Refinancing

An council can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the owner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.

Reverse Mortgage

A is a very good option that a foreclosure defense attorney might suggest is that of reverse mortgage. This is simply a loan against the property. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.

Contesting Foreclosure

In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense attorney can help land owners find the legal grounds on which the proceedings can be challenged. It might be possible that the lending corp has filed the foreclosure proceedings illegally. A attentive property owner with the help of a foreclosure defense attorney will be able to figure out what is illegal about the proceedings.

The bottom line is that there are many options available to homeowners to help them avoid foreclosure. It is up to the property owners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to end foreclosure.

Adam Whazzer has been a mortgage mitigation expert for 20 years” he has offered Fort Lauderdale foreclosure defense and fort Lauderdale Broward mortgage help to foreclosure victims for nearly 18 years. If you are facing foreclosure, visit DvorakPa.com More Info On this Subject

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