Our Services

Loan Modification

Our legal services are centered around loss mitagation and bankruptcy. A loan modification is a great solution for a borrower who wants to stay in their property, but cannot afford the current payment due to a recent adjustment in the interest rate and the inability to refinance or a financial hardship. In this situation, negotiating a loan modification is an ideal solution to a borrower trying to avoid foreclosure. A loan modification may help lower the monthly payments by reducing the interest rate, extending the terms of the loan or eliminating a portion of the principal balance. If you are currently behind on your mortgage payments a bankruptcy combined with a loan modification may be the right solution. You may be able to eliminate all your unsecured debt, your 2nd mortgage, and keep your home with more affordable mortgage payments.

SHORT SALE
A Short Sale or Short Pay is when the lender agrees to accept a sales price of fair market value for your property despite the mortgage or mortgages totaling more than what the property is worth. Many people find themselves falling behind, or are already behind on their mortgage payments and do not realize that there are options available. Even if you owe more than your home is worth a short sale is an excellent way to avoid foreclosure, as long as it is done properly by a qualified attorney. The lender agrees to take a loss on the property and writes off the difference between what was owed on the property and the final sales price. In most cases, the lender is willing to take less than what is owed on the property.

Why do a short sale?
Short Sales are a benefit to the consumer because they stop foreclosure and prevent the lender from suing for the difference between what is owed on the home and what the home was sold for at auction.By entering into a voluntary agreement with the lender, you ultimately stop foreclosure and your credit report does not merit a FORECLOSURE entry. This will help when you want to qualify for a new property. A Short Sale also provides the peace of mind because you will know exactly when the sale will close. This will give you ample time to vacate the property. There is no risk that the sheriff will come to your door to evict you.

DEED IN LIEU OF FORECLOSURE
The deed in lieu of foreclosure offers the borrower and lender several advantages under certain circumstances. The best advantage to the borrower is that it releases them immediately from all debts associated with the delinquent loan. Deed in lieu also prevents the public notoriety of a foreclosure proceeding.

If you have been unable to make your monthly mortgage payments and have not been able to sell your home at fair market value, a deed in lieu of foreclosure may be the best option. Deed in lieu of foreclosure can help avoid foreclosure. The procedure allows you to transfer the title to the property over to the lender voluntarily and your debts are usually forgiven. The process will not save your home, but it will protect your future. A deed in lieu is harmful to your credit, but it is less harmful than an actual foreclosure.

Bankruptcy
It's important to understand how bankruptcy works and the difference between chapter 7 and chapter 13 bankruptcy. Even if you have been aproved for a loan modification it may still not be desirable for you to keep your home if you have a property that has significant negative equity. In some instances with a 2nd mortgage you may find it beneficial to file for bankruptcy protection under Federal Bankruptcy Laws. Feldman Law Center can help you with bankruptcy information. We'll be happy to explain all your options.
 

          Contact the Feldman Law Center today at (800) 527-8497 for a FREE consultation.