Commercial and Residential Foreclosures

Commercial and Residential Foreclosures

Residential Foreclosure

If you’re facing residential foreclosure and it feels like there is nothing you can do to stop it, don’t give up. Contrary to popular belief, there are a number of options available to families facing foreclosure on their homes. The fact is many people do not know that they have options to choose from so they become overwhelmed and lose hope. Don’t let this happen to you. Have you recently been served with a foreclosure notice? Talking with our professionals allows you to learn about alternatives to foreclosure and begin the process of regaining control of your finances. Below, we have outlined some solutions that may prevent residential foreclosure. We also encourage you to give our firm a call at (877) 560-4440 or contact Alliance Legal Group online to set up a consultation. Your initial consultation with a member of the Alliance team gives you the opportunity to discuss the challenges you are facing and allows us to educate you on the options that may be available to you. Reinstatement Reinstatement is an agreement between a homeowner and a lender. If the homeowner can pay all of the late payments, the lender will often agree to let the homeowner keep their home. This type of agreement can be reached well after late payments are due if the home has not been resold. Usually the money needed to pay back the lender comes from a bonus, a pay-out from a good investment, an inheritance, a tax refund, or a family gift. Forbearance Forbearance often goes hand-in-hand with reinstatement. If you’re able to prove to your lender that you will have the money to make up your late payments within a certain period of time, your lender can temporarily reduce or suspend your payments. This step allows you to catch your breath, so to speak, and gives you the opportunity to get the money you need to reinstate or modify your loan. Repayment Plan Sometimes a lender will work with you to create a repayment plan. With a repayment plan you pay off a portion of what you owe in addition to your regular monthly mortgage payment. Eventually, you will catch up on the past due payments and you will be current on your mortgage but you must make consistent and, timely payments. Loan Modification Another option that you have heard about is a loan modification. When homeowners speak with their lenders about loan modification, they will ask their lenders to change the terms of their mortgage. For example, a homeowner may ask a lender to extend the length of the mortgage or to reduce the interest rate. By modifying the terms of the home loan, the homeowner should save money on his or her monthly mortgage payments. While loan modification and federal loan modification programs are popular at this time, you should know that before your lender will agree to modify your home loan, you may be asked to participate in a trial mortgage modification. Trial modifications can be difficult, last longer than originally intended and create feelings of anxiety for a borrower. Our firm has counseled thousands of people through trial modifications, ensuring that their rights are protected and their voices heard. In April 2010, CNN Money reported that 122,000 Americans failed to fulfill the terms of their Federal trial mortgage modifications and only 68,000 were successfully converted to permanent modifications. Of the hundreds of thousands that had applied for the Making Home Affordable Program (HAMP), only 25% completed their trials and achieved permanent modifications. Loan modification is a great option, but it can be difficult to work out flexible terms with your lender on your own. For this reason, we encourage you to call us and ask for information about loan modification and federal loan modification programs. Our team offers the experience and insight that is crucial in obtaining a modification.

Commercial Foreclosure

If your business is not able to produce enough income to pay the mortgage or a commercial investment property isn’t making money as it has in the past, you are not alone. In these challenging economic times, many owners of commercial properties are having a hard time making timely payments. If you’re going through a rough time with your property, you may be faced with commercial foreclosure. Commercial Foreclosure Process The commercial foreclosure process works very much like the residential foreclosure process except the process can move more quickly which requires that you move quickly as well. When you miss commercial mortgage payments, the lender will contact you about your late payment(s). If the lender concludes that the commercial loan is in jeopardy of failing, the lender will promptly involve their lawyers and set the legal process in motion. When faced with foreclosure, the most important thing to do is take immediate action. You should promptly contact your lender and talk with them about your situation, as ignoring your lender will only create more concern for the lender. Typically, the lender does not want to foreclose on your commercial property as liquidating these types of properties is far more complex than selling a residential property. The commercial lender is often open to restructuring the loan via a workout plan. It is important to contact your lender as soon as you see that you may begin missing payments and engage an Alliance foreclosure attorney to begin the negotiations for loan modification and mange any legal proceedings that may arise. Getting Legal Help Can Prevent Foreclosure Your lender is more concerned about their own interests than they are about yours. Protect yourself during the foreclosure process by talking to a foreclosure lawyer at Alliance Legal Group. A foreclosure attorney from our team can help you understand the laws of your state and present you with options to avoid foreclosure. Such options may include reinstatement, forbearance, or a loan modification. When you work with our team, we will take the time to walk you through all of these options so you understand that there are effective alternatives. Information is an important asset while facing foreclosure. The more you know about your options, the better equipped you will be to fight it. Our commercial foreclosure lawyers will provide you with information you need to help keep your commercial property or can help you pursue non-retention alternatives to continued ownership. Contact our office today to schedule a free consultation with one of our team members. We have worked on thousands of foreclosures throughout the country and would welcome the opportunity to help you protect your business property. Call us today at (877) 560-4440 or contact Alliance Legal Group online to schedule your initial consultation with our team.