What Challenges Do You Face?
Over-leveraged in your home?
Behind on your mortgage payment?
Can’t get the bank to work with you?
Worried about losing your home to foreclosure or already in foreclosure?
If you are behind on your mortgage payments, you’re facing foreclosure, OR you are current but you can no longer continue to pay what you owe… you are not alone.
Millions of good people are currently in SIGNIFICANT financial trouble, or will soon be. The current housing situation afflicts homeowners all over the country, from the inner cities to luxurious gated communities. Our experienced attorney will negotiate on your behalf to make your mortgage more affordable.
Did you know there are dozens of programs that can help reduce either your interest rate, payment or your loan balance and save your home? See what programs fit your financial hardship.
Here Are Some Options For You
Your options include the following:
Your lender may be able to arrange a repayment plan based on your financial situation. Your lender may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently lost your job or your source of income or if you had an unexpected increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.
You may be able to modify the terms of your mortgage loan. The goal of modification is to reduce your monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem but your net income is less than it was before the default (failure to pay). This program will still work if you are still in your financial hardship.
The Foreclosure Defense offering includes Mediation and assuring that the company that intends to foreclose or has foreclosed on you is the actual legal note holder and has fulfilled all the assignment and registrations of your loan to state law as ordered by the Circuit Court of your jurisdiction. We will attend hearings and fight your foreclosure to the full extent of the law. Foreclosures are equitable matters for the court; your case is decided eventually by a Circuit Judge.
This will allow you to sell your property if you owe more than its worth and have your lender forgive the balance owed.
Deed-in-lieu of foreclosure: As a last resort, you may be able to voluntarily “give back” your property to the lender. This won’t save your house, but it will help your chances of getting another mortgage loan in the future.
Foreclosure Prevention and Bankruptcy
Bankruptcy when used creatively can be a powerful foreclosure prevention tool. Chapter 7 Bankruptcy can put a temporary stop to the foreclosure process; might give you a short time to sell your property or do a loan modification. Chapter 7 Bankruptcy will wipe out your credit card debt, and the savings can be applied towards your mortgage. In addition, after the Chapter 7 Bankruptcy is completed, the client may re-apply for a loan modification with the lender. The lender might be more willing to work on a modification once you have eliminated the credit card debt. For those who qualify, our team can file your bankruptcy using the bankruptcy code.
If you earn an income over the Maryland median income, or who specifically want to save their home from foreclosure or stop a vehicle repossession, Chapter 13 Bankruptcy could be the answer. This is known as a reorganization bankruptcy. That means you will bring the mortgage loan or loans current over the next three to five years. During that time, you will make your current mortgage payment to the lender and a second payment to the person assigned to your case, called a trustee. The money you pay the trustee will be used to pay delinquent first-mortgage payments, your second mortgage and debt from other creditors. Chapter 13 Bankruptcy will give you up to five years to catch up the missed payments, or a longer period to sell or refinance.
Exactly how this would work must be looked at on a case-by-case basis. For more information on how to utilize Bankruptcy as a weapon against Foreclosure, contact us at 301-242-5590.
Our firm will negotiate on your behalf to make your mortgage more affordable. In some cases, we can help you to do the following:
• Reduce your mortgage payment to one you can afford,
• Lower fixed rate for up to 5 years,
• Restructure negative home equity,
• Restructure late payments & fees,
• Extend loan term up to 40 years,
• Avoid foreclosure & get a fresh start.
Don’t be a victim! Consultation is free!
Come and discuss your situation with us. Our firm will help you identify and pursue the best option for you. Your result is greatly enhanced when you have our team on your side. We know that money is tight, so we keep our fees affordable. No matter what your situation, contact Fidelity Law Firm and let us help you get your mortgage and life back in order.