• FORECLOSURES / LOAN MOD'S
Areas of Legal Practice: Joseph J. Pappacoda
In these difficult economic times, you may find yourself faced with a foreclosure action filed against you and your home. This may have been caused by: your mortgage interest rate spiraling out of control, job loss, loss of income, disability, increased financial burdens, or other financial crises that have confronted you. The result is the same; that is, the mortgage lender is asking the court for authority to take your home away from you.
If that occurs, chances are you may not be able to purchase another home, and will need to move your family and all of your belongings. These are life altering events indeed. Many people relied on home equity as their retirement nest egg, which is now gone due the housing market crash, commencing in 2007, and continuing to the present date. The United States Recession of 2009, felt by many in 2008, has created financial shortfalls with millions of citizens nationwide.
Many homeowners are left with no equity in their homes, no ability to refinance, no ability to earn additional money, no more credit, and the stark reality that they may soon be without a home. If you are faced with a foreclosure action on your home, you must consult with an attorney and consider fighting the foreclosure lawsuit, all with an eye toward inducing the mortgage lender to refinance your home. You may have legally cognizable Motions To Dismiss, Affirmative Defenses, and other legal rights, which may delay the foreclosure action and your ultimate eviction, and place you in the light most favorable to renegotiating your mortgage with your mortgage lender. There are many possibilities and outcomes in the foreclosure arena, and you must consider exploring all of them with the advice of an attorney.
MORTGAGE LOAN MODIFICATIONS
A mortgage loan modification is a loss mitigation option that permits a borrower to refinance and/or extend the term of a mortgage loan, which reduces monthly payments, and allowing the borrower to keep the home, subject to the new mortgage loan terms. A loan modification is a permanent change in one or more of the terms of an original mortgage loan agreement, which the mortgagor accepts as a novation, or new mortgage loan agreement, to replace the original mortgage agreement. In short, it reduces your payments while permitting you to keep your home. In the process of a loan modification representation, the attorney, or authorized representative of that attorney, will negotiate with your mortgage lender to reduce either your mortgage interest rate, the amount of your monthly payment, or even the loan principal amount, based upon a change in appraisal value of your home. There are many terms in your original mortgage loan with the bank that may be negotiated, in order to help you avoid losing your home, or investment property through foreclosure, and having your credit damaged or destroyed in the process.
There are numerous mortgage loan scams operating throughout the United States, composed of groups of unscrupulous individuals, and companies, who charge advance fees for stopping foreclosures, guaranteeing loan modifications, and repairing credit associated therewith. You should be very wary of exactly who you are hiring to help you with those matters for obvious reasons. It is wiser indeed to retain an attorney who concentrates his or her practice in these areas for best results.
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