At Dion R. Hancock, P.A. our foreclosure defense services include:
- Chapter 13 bankruptcy—If you file for Chapter 13 Bankruptcy, you will have the chance to stay in your home, avoid foreclosure, and get fully caught up on your mortgage in three to five years. Mortgage lenders are required to stop all foreclosure proceedings against you as soon as you file for bankruptcy, due to the “automatic stay” that is issued by the bankruptcy court.
- Loan Modification—Mortgage lenders are sometimes willing to negotiate. Through loan modification, you may be able to get your lender to agree to new terms for you mortgage loan (such as a lower interest rate or lower monthly payments), which allows you to prevent a mortgage default.
- Short sale —If you are dealing with an underwater mortgage (you owe more than your home is worth) and you are heading toward foreclosure, you may want to consider carrying out a short sale. This involves selling your home for a price that is less than what you owe (a price agreed upon by the lender) and then being released from the debt. Your lender may just be willing to take the loss in order to avoid having to go through the expensive and time-consuming process of foreclosure.
- Deed in lieu— If you know that you cannot avoid the loss of your home, you can at least try to make this happen without a foreclosure ending up on your record. In a deed in lieu, you willingly give your property back to the lender (surrender the title) in exchange for no longer being held accountable for the mortgage debt.
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