If you are struggling to pay your mortgage, you may be in need of help from a dedicated and knowledgeable real estate lawyer. Don’t fear and stress over waiting for a foreclosure notice – there are options. Contact real estate attorney David Soble today for a consultation. David provides extensive legal services for both residential and commercial property owners who are struggling with their lender, their mortgages and debts.
WHAT IS A DISTRESSED MORTGAGE?
There are a few different factors that define a distressed mortgage. The most common instance of a distressed mortgage is when the owner cannot afford the monthly payments and is already behind on the payments with no realistic prospect of getting out of debt quickly. A mortgage can also be considered distressed if the remaining amount owed on the property is more than what it is actually worth (also known as being ‘underwater’).
WHAT CAN I DO IN THE EVENT OF A DISTRESSED MORTGAGE?
There are many potential solutions available if you are struggling with a distressed mortgage. If you would like to stay in the property, you may be able to arrange a loan to help repay your creditors quickly. However, this can have negative consequences down the road, as you are essentially just transferring your debt from one institution to another. If you are more focused on saving money and getting out of debt quickly, you may be able to arrange a short sale of your property. This is when your home is sold before the lender can foreclose for a price that is less than the total amount owed. Because the sale occurs before the lender can foreclose, the buyer, seller, and lender negotiate a sale that is for less than the value of the mortgage or the home. This is a possible way to eliminate your mortgage problems completely. Many people are interested in buying distressed homes, because it is a way to purchase a house for much less than it is worth. If a short sale is not an option, you may also be able to use a deed-in-lieu of foreclosure as a solution to your financial problems. This is when you choose to transfer the ownership of your home to your lender in order to be completely released from your mortgage obligations. Depending on your
HOW CAN PROVEN RESOURCE HELP ME WITH MY DISTRESSED MORTGAGE?
When dealing with a distressed mortgage and it is important to have an experienced real estate lawyer by your side. From reviewing contracts to negotiating with lenders and potential home buyers, a lawyer can take much of the stress and guesswork out of dealing with your lender. Don’t waste your time attempting to negotiate with your lenders yourself – call David Soble today to schedule a consultation and start the process of repaying your debts and put an end to the struggle.