Foreclosure can be devastating, especially when you’re already coping with a financial situation that keeps spiraling downward. While fighting foreclosure isn’t an easy task, it’s important to act now. The road to foreclosure moves very quickly, and the sooner you begin exploring foreclosure alternatives, the better your chances are of qualifying for mortgage assistance. So don’t delay – call a Brooklyn foreclosure attorney at Petroff Amshen LLP today and find out how to avoid foreclosure in Brooklyn!
Don’t give up and let your bank foreclose on your home without considering your options first. Even if your home is under water, your loan is countless months past due, or if a sale date has already been scheduled for your property, you can still avoid foreclosure in Brooklyn through these alternatives:
Loan Modification – a loan modification permanently changes the material terms of your note without refinancing, in response to your inability to pay your current mortgage and in efforts to create an affordable monthly payment. Typically, loan modifications involve capitalization of some or all of the arrears, reduction of your interest rate, extension of your term, or forbearance of a portion of the principal balance. (See our success stories)A Brooklyn Foreclosure Attorney can provide homeowners all the necessary information and assistance to achieve a loan modification
Forbearance Agreement – a forbearance agreement temporarily allows you to reduce or entirely suspend your mortgage payments, while dealing with a short-term financial difficulty. The accumulated arrears are later spread over a certain period of time and are added to your regular monthly mortgage payment, thereby temporarily increasing it.
Repayment Plan – a repayment plan allows you to bring your loan current by letting you repay a part of the delinquency each month, along with your regular monthly installment. This option temporarily increases your payments, is best suited for homeowners whose financial circumstances have stabilized and will help avoid foreclosure in Brooklyn.
Short Sale – a short sale enables you to sell your home for less than what is owed on the mortgage, without being responsible for the difference. Short sales are dominant options for homeowners that are underwater and do not wish to keep the property. A Brooklyn Foreclosure attorney can guide homeowners through the short sale process.
Deed-in-Lieu of Foreclosure – a deed-in-lieu of foreclosure permits you to voluntarily transfer the ownership of your property to the lender, in exchange for being released from most or all of the personal indebtedness associated with a defaulted loan. This alternative tends to be the last resort among homeowners, when all other foreclosure options have been exhausted.
Bankruptcy – although filing bankruptcy cannot prevent a foreclosure, it can delay it. From the time a bankruptcy petition is filed to when it is discharged, all foreclosure proceedings, including collections and sales, are “stayed.” In order to proceed with foreclosure, the mortgage lender must file a motion to “lift the stay.” This option gives a homeowner additional time to reconcile their finances and explore other options.
No matter how far along your foreclosure is, more often than not, there are other feasible alternatives that may be very beneficial in your situation. If you’re struggling to make your mortgage payments or have already become delinquent on your loan, call a Brooklyn foreclosure attorney at Petroff Amshen LLP – avoid foreclosure in Brooklyn!
