1st and 2nd mortgage litigation

1st and 2nd mortgage litigation

Are you in danger of going into foreclosure and see no way out? Alliance Legal Group can help. Many people don’t realize the options available. You don’t have to lose your home. Don’t let the stress and burden get you down. People often end up with a foreclosure on their record because they cannot deal with the pressure and give up. We are here to provide the necessary legal resources. Here are several possible resolutions that may help prevent foreclosure.

Repayment Plan:

Some lenders are flexible. They may work with you to create a repayment plan. A repayment plan allows you to pay off some of the owed balance in addition to the regular payments. Over time you will pay off the past due amount. If payments are consistent and timely, you will eventually become current on your mortgage.

Reinstatement:

Reinstatement is an agreement between you and the lender. In some instances, if you pay off all late payments, the lender will allow you to keep the property. As long as the home has not been resold, this agreement can be executed.

Forbearance:

If it is deemed that you are able to produce the money owed, lenders may reduce or suspend payments. Once payments resume, they must be consistent and timely.

Loan Modification:

Loan Modification is a common choice. If you are able to modify the terms of the loan, you should be able to afford the monthly payments moving forward. The lender may ask you to take part in a trial mortgage modification. A trial mortgage modification is something that should be looked at very seriously. There are certain associated risks that people don’t always understand. Your credit score will drop since you are effectively paying less than the full balance. It can take over six months to determine if you have been approved for the Home Affordable Modification Program (HAMP). The trial modification does not guarantee the reduced payments. If you are denied permanent modification, you are required to pay back the difference for all months enrolled in the trial modification. If you are staring at the possibility of foreclosure, pick up the phone and call Alliance Legal Group. Your consultation is completely free. Our full service law firm will guide you through the process and discuss your considerations and options. Don’t delay; call today – (877) 560-4440.