Foreclosure Defense: A Dual Track System
A foreclosure law suit and a loan modification application are like two trains running on separate tracks. One will reach the station before the other. If you ignore your foreclosure case, a foreclosure auction may take place before you ever get a modification. If you ignore loan modification opportunities the bank will foreclose; it is only a matter of time.
Why Foreclosure Defense is Not Enough
Foreclosure defense, by itself, will not save your home. There are defenses that may provide additional time in the home but if you do not make your mortgage payments, the bank will inevitably foreclose.
Government regulations and particular state laws require banks to comply with modification programs in order to proceed with foreclosure. Foreclosure defense and loan modification should be integrated to best save your home.
Why Loan Modification is Not Enough
There are times when the banks simply will not do what is legally or equitably required of them. The bank may deny a modification when a homeowner qualifies, refuse to review an application, or allow a sale to take place before making a decision about a loan modification application.
If you are not represented in court, your home may be sold before you are able to obtain an affordable and sustainable solution to save your home.
Mediation programs bring the homeowner and the bank together to negotiate a loan modification or foreclosure alternative.
Mediation can be a great tool when the bank has denied a modification request or informed the homeowner that they are not eligible. Mediation provides an avenue whereby we may straighten out a complicated financial situation that the bank is not calculating accurately. We can use mediation to demonstrate to the bank that the homeowner does qualify or can afford an alternative modification.
Why Do I Need an Attorney? Can't I go to Mediation by Myself?
We strongly recommend a qualified attorney represent you at mediation. The mortgage lender has superior knowledge, authority, and experience. You will be at a severe disadvantage if you, yourself, attempt to negotiate with the lender. Mediation is an exceptional, often one-time, opportunity to save your home. Don't lose this chance by being poorly represented.
Contact us today to find out if mediation might be an option for you.
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