At Sugarman Law, we understand the uncertainty that comes with worrying about eviction when you are behind on your mortgage payments. At your free initial consultation, we will review your unique situation help you to understand your best options before they run out. Two primary options for finding mortgage debt relief are loan modifications and short sales. Having an experienced attorney on your side will help you to avoid pitfalls that could cost you thousands of dollars, and even your home.
What is a loan modification?
The terms of your current mortgage loan may eligible to be altered in several ways, depending upon your payment history. Whether you are late, in default, in bankruptcy or already in foreclosure will determine what options you may exercise. There are a wide range of possible modifications for home loans that are in poor standing, including a reduction in interest rate, a reduction in principal, forgiveness of late fees and penalties or extending the length of the loan. One possible loan modification is refinancing through the Home Affordable Refinance Program (“HARP”.)
Are you eligible?
Working closely with you and your lender to gain a thorough understanding of your situation, Sugarman Law will help you figure out your options. We understand that this can be a difficult process and we’re committed to treating every client with compassion, respect and patience throughout the process. Because loan terms can be complicated, requirements for modifications are usually complex and extremely stringent. Having professional legal guidance will ensure that you have the right information at the right time so you can make fully-informed decisions about the future of your home.
A short sale may be another option if you are having trouble making mortgage payments. In a short sale, the mortgage lender agrees to accept less than the amount of the mortgage to pay off your debt. Like loan modifications, negotiating a short sale with the bank is complicated and comes with strict requirements and deadlines that must be met in order to successfully complete a transaction. At Sugarman Law, we have a long history of expertise in this area and can assist with the process from start to finish, helping you to avoid pitfalls and frustrating setbacks.