If you are facing foreclosure and unsure of your options, it is important to remember the sooner you develop a strategy, the more successful your foreclosure defense will be.
For many homeowners, foreclosure defense is an opportunity to buy time. In some situations, time is all a family needs to get back on their feet and remain in their home. Time also affords homeowners an opportunity to execute a short sale, strategic default, deed-in-lieu, or even mortgage modification. Such tactics may actually prevent foreclosure and deficiency judgments.
Recently Oppenheim Law defended a foreclosure in which the bank lost the mortgage and note and improperly transferred the mortgage from one investor to another. In fact, the assignment was not even recorded in the public records. Considering the size of banks and the numbers of foreclosures they are processing, mistakes like these are incredibly common.
While defending this foreclosure, our client was able to sell their property, and the bank agreed to reduce the mortgage payoff by $200,000. Just as importantly, Oppenheim Law was able to negotiate an agreement with the bank ensuring a deficiency judgment against our client would not be pursued.
The result: an Oppenheim Law foreclosure defense home run and successful short sale. The client is free of the underwater property, the bank is substantially compensated and the possibility of a costly deficiency judgment is negotiated away. Our client is now able to continue his life without the heavy burden of banks chasing them for the next several years.<
If you are falling behind on your mortgage, it is in your best interest to plan a foreclosure defense strategy. Please feel free to contact Oppenheim Law with any questions or to help access your situation.
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