If you are delinquent in mortgage loan payments to the lender, have been served with a notice of foreclosure letter or have received a mortgage foreclosure complaint, you have a very short time to respond. A homeowner and borrower may lose legal rights in as little as twenty (20) days.
Many homeowners want to retain their property and a Loan Modification Plan is the best way to avoid foreclosure. The Cochran Firm Palm Beach, P.A. can help you renegotiate your monthly payments to the bank and modify your payment structure to make it more affordable. A qualified loan modification attorney will help you through the process.
The Cochran Firm Palm Beach, P.A. will make contact with the banking institution to inform them of the Homeowners’ desire to short sale the property. If your property is in Foreclosure you should defend that foreclosure until the short sale is complete. The objective of a properly executed Short Sale is having the borrower(s) walk away with no fear of the lender pursuing a deficiency judgment.
Deed in Lieu
The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principle advantage to the borrower is that it immediately releases him from most or all of the personal indebtedness associated with the defaulted loan.