Foreclosure Prevention

Oppenheim Law has assisted countless individuals in avoiding the hardships involved in a drawn out foreclosure process. We are completely aware of the burden placed on an individual’s and family’s daily life when dealing with a foreclosure. Thankfully, there are potential alternative routes that our firm can help you navigate which may allow you to avoid the dreaded foreclosure process. There are three main routes that our firm can utilize to assist you in your attempts to prevent a foreclosure:

Short Sale

A short sale is a popular tactic used to prevent or end an underlying foreclosure. It is usually used by individuals that owe more for their home than what it is presently worth. Unfortunately, individuals short sell their homes without realizing that banks will go after them for the difference of the short sale price, and what you owed on the home. Very often this sum is in the hundreds of thousands of dollars. If you are considering a short sale, please speak to an experienced real estate attorney that can guide you through the murky trenches of foreclosure prevention and help you avoid the pitfalls of an uneducated short sale. Having counsel by your side can mean the difference between getting out unscathed though a short sale or facing costly and stressful litigation when a bank pursues you for potentially hundreds of thousands of dollars after a short sale is completed.

Deed in Lieu of Foreclosure

Another alternative to foreclosure that our firm is experienced in facilitating is a deed in lieu of foreclosure (“deed in lieu”). This alternative to foreclosure allows a borrower to willingly transfer the ownership of the home to the lender. The lender accepts the home and in return will typically cancel all debts tied to the property and release you from all liability in connection with the defaulted mortgage and property that is more than likely underwater. A deed in lieu can be a great option if you are seeking to keep a foreclosure off of your credit report.

Loan Modifications

Loan modifications are long term solutions to foreclosure prevention. Loan modifications are recommended to homeowners that want to avoid foreclosure and stay in their homes and workout a mutually acceptable deal with their current lender under an existing loan. If you decide to take this route, we will negotiate interest rates, principle balances and monthly payment requirements with the lender in order to strike an arrangement. Yes, it is true that an attorney is not required to contact your lender to discuss a loan modification. It is also true that you can manage your own retirement account. However, neither of these options are recommended. Hiring an experienced attorney can substantially increase your chances of obtaining a loan modification. Our firm understands what characteristics lenders typically prefer before they grant a loan modification and we have mastered effective methods to demonstrate to lenders that our clients indeed possess such characteristics.

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