MyForeclosureAttorney.com's Blog

If you have incurred a long term financial hardship and your house has been on the market (at fair market value) for at least 60-90 days, you may be eligible for a deed-in lieu of foreclosure.  To be considered for this option, you must complete a financial package and provide a copy of your rece...

A short sale in real estate occurs when a house is sold for less then the total loan payoff value and all lien holders agree to release their liens against the property for less than the full amount owed.  However, they may not release the borrower from their obligation to pay any short fall that...

A Chapter 13 can stop the foreclosure permanently. It may allow a delinquent borrower to pay back the delinquency and reinstate the mortgage, over a period of time, usually five years. A borrower must make a regular payment and part payment each month until the delinquency is caught up or cured. ...

If the borrower has incurred a long term financial hardship, the borower may supply the appropriate information to lender to take the appropriate measures to modify the term(s) of your mortgage. This could lower the interest rate and/or extend the term of the loan resulting in lower payments.  Th...

If there has been a short term financial hardship and a loan is 90 days to 365 days past due, the loss mitigation specialist may also consider submitting a request for a special forbearance.  A special forbearance is designed to provide more relief than is possible with a regular repayment plan. ...

Lender permits pay back of some of the delinquency now (usually at least 50% down), and then the remaining balance of the delinquency in equal installments (usually 6-12 months).  Only after reviewing your financial situation will this option be considered.  All clients must be able to show that ...

When the borrower is able to find a new qualified buyer that the lender will accept in place of the old borrower as the primary borrower.  However, the lenders usually do not easily agree to this request, and often the old borrower is not completely released from the loan obligation and will rema...

Here's some advice.  Do not bank with lenders you borrow money from.  If for whatever reason you can not make a loan payment, the lender will automatically and without notice debit any bank account you have with them to pay the delinquent amount on the loan.  They have hidden this right to do so ...

Florida mortgage foreclosure law suits continue to escalate.  Many Florida consumers facing a financial hardship also face imminent foreclosure from their condominium or homeowners' associations for unpaid fees and assessments. Please keep in mind that in Florida both the federal Fair Debt Collec...

Bring the Mortgage Current ("Reinstatement").   Quickly paying the entire amount of the delinquency in full to the lender usually in the first 30 days.  Only after reviewing your financial situation will this option be considered. All clients must be able to show that they can afford this plan in...