Behind on Your Mortgage?

If you are behind on your mortgage, there are several options. With years of experience as a creditor attorney working with top mortgage companies, I personally understand the way these companies operate.

For instance, mortgage companies will take a foreclosure over working out a deal. After all, mortgage companies have a huge incentive in going with a foreclosure.

There are advantages and disadvantages for each of the options you have to catch up on mortgage payments. To make the best decision, you need to understand each option and work with a reputable Auburn bankruptcy attorney, like Laura Harris-Courage.

  • Chapter 13 Bankruptcy – In this situation, you make regular payments, and in five years, you have arrears paid off. Because we can force the mortgage company to accept this option, it is probably the best route to take and the least expensive.
  • Reverse Mortgage – If you are 62 years of age or more, this is a viable option.
    In addition, you need to have a significant amount of home equity. If you decide on this option, we have an Auburn bankruptcy lawyer who can suggest the right broker.
  • Selling the Home – The mortgage company considers this an excellent solution, but it results in you losing your home and not being able to secure another mortgage for years. The risk is that at the time you sell, the market may not offer what you need to get out of debt.
  • Home Refinance – To refinance your home, you need good credit, and the home cannot be in foreclosure.
  • Pay the Mortgage Current – If you could pay the past due mortgage amount, you would not be facing foreclosure. Prior to choosing this option, we strongly suggest that you read our free book called, “What Is the Best Way to Get Out of Debt?”
  • Negotiate with the Mortgage Company – Not only is this option difficult, it is seldom successful without having a reputable Auburn bankruptcy attorney on your side. For the majority of our clients, we do not recommend this.
  • Fight the Mortgage Company – Without question, your mortgage company will add on attorney fees to the point that negotiation becomes impossible. Most often, mortgage companies hire expensive lawyers from New York that demand tons of documents, adding to the expense.
  • Short Sale – Although the mortgage company may need to grant permission for a short sale, this is another option. Because homes usually sell for less than what is owed, it leaves the mortgage company “short,” thus the name.
  • Foreclosure – Of all the different options, the mortgage company will pursue foreclosure the hardest. Although not usually beneficial to you as the homeowner, a foreclosure sometimes might be.
  • Deed in Lieu – Rather than foreclosure, the home transfers by deed to the mortgage company. However, the mortgage company rarely approves this type of deal.

To determine which option is best for your situation, please contact an Auburn bankruptcy lawyer by calling us today at (315) 282-1070. The call is always free and 100% confidential.

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