Foreclosure Defense:
What is Foreclosure Defense?
Foreclosure Defense is when you (the client) hires an attorney, that specializes in foreclosure defense, and is experienced in understanding the simple, intermediate and complex solutions that a case may present.
Your Property Is Underwater! (Morgage is Higher Than Property Value):
A particular case may be that you owe a substantial amount more than what the property is worth. What can you do? You may want an attorney's help to see if you have any options in solving this problem. Your budget may not allow you to continue to make these payments in the long run.
With a property worth less than the mortgage balance you will be paying for the property for many more years before you can sell it. Even if you wanted to sell it, you will not be able to do so!
Another problem with an overvalued property is that you are also paying for the over-valued property taxes and will continue to pay these taxes, even after you pay off the property.
Loan Modification Is NOT working:
Another typical situation is that you want to do a Loan Modification, but because you or your wife has lost his or her job, you now don't qualify for a loan modification. You have been working with a Realtor and your Mortgage Company for over six (6) months and there is no sign of progress.
Substantard Loan or Negative Amortization Loan:
You purchased you home less than 7 years ago and got a great deal on the Financing. The interest rate was 3% percent and your payments were very reasonable, but in the last two years the payments have increased and will continue to increase due to the higher interest. Now you are having serious concerns with the payments due to higher property taxes as well as other increasing costs and expenses.
Loss of Income and/or Loss of JOB:
You purchased the home many years ago and have paid a large part of the mortgage. You may have less than 10 to pay off the mortgage, but you can no longer continue to make the mortgage payments because you have lost your job. Or, you have been self-employed and have your own business, but now due to the recession, you had to close your business and don't have another source of income you can count on.
Illness or Death In The Family:
Everything was going great, even though the recession affected many people with a job loss, in your case things were fine until you got sick or someone in the family got sick or hurt. Now between the loss of income and medical expenses you see your situation becoming desperate. Your family has no other place to move to and even if you did, you don't have the money to afford to move.
English is Not My Native Language, I Need Help!
There are so many families today that are facing financial hardship and after many months of economizing eventually their mortgage also becomes an expense too high for them to be able to keep up with. In this case most of these families don't know where to go or who to ask for assistance. They need someone that can understand their particular dilema or circumstance. They need to find someone they can trust. This is another case where the right attorney should be seeked for counseling and advice.