MORTGAGE FORECLOSURE DEFENSE LAWYERS STUART, MARTIN COUNTY

If you are facing mortgage foreclosure, you may have alternative options. Foreclosures are often difficult experiences and it can be damaging both to your finances and credit score. A lender will often begin the foreclosure lawsuit about 3 to 5 months after payments stop coming in. The first thing you must do to avoid a lawsuit is to stay in contact with your lender. Do not ignore the notices they send you. If you fall behind on your payments, call them and explain the situation—they may be willing to negotiate. Although you may feel as though you have few options, Crary Buchanan wants you to know that help and relief are available.

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Every foreclosure situation is different. Every homeowner’s position is unique. Because of this reality, there are no guarantees of how mortgage difficulties will play out. Some banks and lenders will be more willing to negotiate than others. Whatever the situation you are in, for better or for worse, it will be beneficial to have a legal professional on your side. An attorney will be able to advise you on which path you should take. Even though the final outcome is dependent on the lender, a lawyer can help protect and defend your rights through the entire process.

If you are looking for a law firm that is experienced and compassionate, work with Crary Buchanan. Our legal team is dedicated to helping the community of Florida. We believe in having clients, not cases because we know how difficult this time can be.

For more information about loan modifications and/or short sales and your options, contact us today.

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Loan Modifications Attorneys Stuart, Martin County

Essentially a loan modification is a process by which an existing mortgage loan is renegotiated and restructured. A few possible ways for a loan to be restructured include:

Reducing or freezing interest rates for adjustable loans
Reducing principal balance
Reducing late fees or other penalties
Lengthening terms of a loan
Capping monthly payments

Whatever the agreement, loan modifications are a permanent change to your loan. Many lenders will be willing to consider such a change as it can create a win-win solution. First, you will not be overwhelmed by debt, and second, they will not have to lose money through the foreclosure process. Furthermore, they will once again have a consistent asset.

A loan modification is one of the best options available to you. It will not hurt your credit score and it will allow you to stay in your home. In general, it makes your mortgage more manageable. If you do decide to request a modification, you most likely will have to provide your lender with your most recent bank statements, tax returns from the last 2 years, and paycheck stubs. This will show your lender how much income you are making and why you need such a modification. When a homeowner has fallen on hard times, it is often more likely that a lender will be more willing to consider a change and approve a modification.

Short Sales Attorneys Stuart, Martin County

A short sale is when a homeowner and lender enter into an agreement to sell a home for less than the amount owed to the lender. The money from the sale is turned over to the lender, and in most cases the debt that the homeowner owed on the house is considered to be satisfied in full. However, there are certain situations in which the homeowner may still be liable for a portion of the remaining debt. A talented Stuart, Martin County lawyer from Crary Buchanan can help individuals who are faced with the option of a short sale to ensure that no legal complications arise.

Short sales have become widely popular in recent years because of a decline in the housing marking and national economy. This alternative to foreclosure differs from a regular home sale because you and your lawyer will negotiate how much you will owe the bank after the closing. Our team of bankruptcy attorneys is highly skilled in this negotiation and will take care to address all of the necessary aspects, such as second mortgages, before coming to an agreement with the bank.

In most cases, a short sale is less detrimental to your credit than a foreclosure. The impact that a short sale will have on your credit score depends on how behind you are on your mortgage payments. By working with an attorney from our firm, you can delay the foreclosure process and remain in your home while you decide if a short sale is the best option for you and your family. This can save you thousands of dollars.