Avoiding Or Managing Foreclosure
When you’ve worked hard to achieve a dream of property ownership, the threat of foreclosure can be frightening. Don’t let uncertainty and intimidation stop you from understanding your rights and pursuing solutions.
At the Law Office of Phil Napolitano, we help people avoid foreclosure. If foreclosure becomes inevitable, we protect our clients’ interests through all legal processes. If keeping your home is your goal, contact us to schedule a free initial consultation.
An Attorney Who Will Seek Alternative Solutions For You
No matter how threateningly they may behave with you, banks would rather not pursue foreclosure and will generally explore other options, especially if you have a skilled lawyer negotiating on your behalf.
Among the possible options are:
- Loan modification agreements
- Forbearance agreements
- Payment plans that can reduce your monthly payments and/or give you time to make up your current missed or late payments.
Bankruptcy may be a path to much-needed relief if you are juggling your mortgage payments with other unsecured debts, such as credit card debt. Declaring Chapter 13 bankruptcy may allow you to restructure those debts so that you can catch up on back mortgage payments affordably and keep your home. At the end of the three-to-five-year structured repayment period, any remaining unsecured debts (those other than your mortgage) may be discharged by the bankruptcy court.
We can discuss the consequences of all these options with you so you can make an informed decision. Let us hear from you and learn how you can avoid the worst-case foreclosure scenarios.
Unloading the Property, Releasing You From Debt
You may conclude that you are truly in over your head with your current home and mortgage. Are you prepared to give up the property but concerned that you won’t be able to get a sale price that covers your loan obligations?
We may be able to negotiate a solution with your bank that will free you forever from that mortgage. According to current conditions in the housing market, they may also see one of these solutions as their own best option. For example:
- Your lender may be willing to accept the deed in lieu of foreclosure, taking ownership of the property and releasing you from the remainder of your debt to them.
- Or we may be able to negotiate a short sale, in which your lender agrees to accept the proceeds of the sale as payment in full of your mortgage.
Protect Your Interests With An Experienced Attorney’s Advice And Direction
Our residential real estate law firm understands the difficult challenges that you face. We would like to hear the details of your situation so we can advise you accordingly. We are then ready to guide you through the steps to freedom from a problematic mortgage and property. To schedule a consultation, call 718-414-6175 or fill out our online intake form.
Se habla español.