Understanding your options is the best way to begin your search for mortgage relief assistance. These days, struggling homeowners are bombarded with confusing information on how to find legitimate mortgage relief assistance they can trust.
This page breaks down the basic options of a distressed homeowner, and covers the advantages and disadvantages of each. We make every effort possible to provide you with an objective analysis of each option. If you only take one thing from this analysis, it should be, “hire a mortgage litigation attorney”!
We understand that times get tough and here at SueYourLender.org we believe that understanding your options is truly the first and most important step to making an informed decision that could save your home.
The information we lay out below will do just that; explain each one of your options in greater detail so you can get an idea of what to expect with each and how you as a distressed homeowner can begin to move forward. The explanations are simple, in layman’s terms and completely unbiased as each situation is different. To get a basic understanding of each continue reading below and when you’re ready call or fill out the consultation form to speak directly with a legal representative at NO COST.
If you are looking for the route with the greatest ease and best results then hiring an experienced mortgage litigation attorney is the route you want to go. At the end of the day, this is what they do for a living and thus have experience in all types of distressed homeownership and know how to get results. That is why for the quickest and best results we will always recommend deferring to a professional.
A mortgage litigation attorney can take a wide variety of routes to help protect your rights as a homeowner up to and including filing lawsuits. Cases can also be solved with an alternative route from an experienced attorney who can make a case to your lender to reconsider and potentially obtain a loan modification as well. Every case is different and they will pursue the quickest and most effective solution to fit your needs.
The process with an attorney might go something like this:
• Your attorney will review the original loan documents for any violations
• Your attorney will then analyze the transaction as a whole including titles, insurance, process, payments, potential current foreclosure proceedings and more
• Your attorney will file a lawsuit on your behalf and seek damages or a cash settlement on your behalf.
Your attorney represents you and will thus take care of the legwork and complexities of the legal system on your behalf. If you are serious about suing your lender, this option would be a leading choice.
Non-profits organizations exist to help provide homeowners in trouble with specific assistance, but their level of service can differ greatly. We believe that the goal behind these organizations is pure and their intentions come from the right place, however, due to FTC restrictions their hands are somewhat tied. Let us explain:
Unfortunately, the Federal Trade Commission firmly states that no one other than a licensed attorney can represent a distressed homeowner in an actual debt negotiation. What this means essentially is that while a non-profit can help you file an assistance application and provide general advice, unless they have a licensed attorney on staff, at the end of the day it’s still you against the legal system and you will be representing yourself in a complex legal matter.
If you do decide to go the non-profit route, we would recommend a HUD (Housing & Urban Development) approved agency from their list of housing counseling agencies.
We understand the allure of seemingly free assistance, but it is our experience that not only is it not always a no cost transaction, but it often times falls short of the results we have seen by using an experienced mortgage litigation attorney from the beginning.
Only in very specific cases would we ever recommend a do-it-yourself situation and for good reason of the lenders and banks past histories.
Dual tracking or basically holding your loan modification in review while pursuing foreclosure is not uncommon and is not even illegal in some states. In addition, many of the programs offered by lenders are extremely hard edged when it comes to specific deadlines and rules, which allow them to categorically deny your application if any of them are missed.
It is not uncommon for those who start with the do-it-yourself option to migrate to a mortgage litigation attorney after they have exhausted their time, money and resources dealing directly with their banks and lenders. We often advise those thinking of going down this path to consider that value of the time, and headache into the decision upfront as the process can become very tedious and confusing. Sleepless nights and stress have a very real cost, so please be sure to keep that in mind as you weigh your options.
Finally, you of course have the option to sit back and do absolutely nothing. Eventually the foreclosure proceeding will complete resulting in you and your family being evicted from the property. To add insult to injury, not only will you be forced form your home, but the eviction and foreclosure will both become public and be listed for many years to come on your credit reports affecting your ability to borrow money, obtain a credit card and even run a business.
Obviously this is not a route that we recommend and with so many viable options available to distressed homeowners right now we recommend you call us today for a NO COST CONSULTATION in which we can walk you through your options and help you decide which path makes the most sense for your specific situation.
The simple truth is this: most lenders ARE willing to negotiate and if you have an experienced attorney, they can setup the transaction in a way that does not damage your credit reports in the same way a foreclosure would. Foreclosure costs the lenders money and in many cases they would ultimately rather negotiate a settlement than lose money pursuing foreclosure. That said, it’s up to you to choose the right options for your situation, so schedule a NO COST consultation today to get started.