Loss Mitigation Services
Foreclosure Mitigation / Loan ModificationWhether it's called Foreclosure Mitigation, loan modification, loan restructuring, or a loan workout plan, it is when a borrower who has encountered a financial hardship that is causing them to have difficulty making their mortgage payments and is facing foreclosure gets help. When sucessful the terms of the mortgage are adjusted to make the monthly payment affordable to the homeowner. The workout plan varies by circumstance and lender, but changes could include temporary or permanent changes to the mortgage rate, term and monthly payment of the loan, as well as having the past due amount rolled into the loan, and the new balance re-amortized.
Foreclosure DefenseWhen people fall behind on their mortgages, banks or other types of creditors will initiate foreclosure proceedings. For most people, being served with a notice of foreclosure is frightening and also overwhelming as people are scared of losing their homes. However, before people panic, they should know that they have legal rights and also have alternative options. The key to becoming aware of these options is working with an experienced and aggressive foreclosure defense law firm, like Acocella Law Group, P.C. Depending on our analysis of the homeowner's case and the result of our negotiation with his or her lender, we will advise the homeowner on which foreclosure defense option would be the most favorable for the homeowner. With our experience in loan modification, short sale, deed in lieu, cash for keys, and forensic loan audits, we are confident that we will be able to determine which option is best, as well as negotiate the best terms.
Loan RestructureThe purpose of loan restructuring is to provide a long-term solution for borrowers, who due to unforeseen circumstances, no longer see the repayment of their loan as a feasible option. Through a loan restructure, the lender would grant the borrower a more manageable repayment plan in order to help the borrower keep their home.
Deed in lieuA borrower who can no longer afford their mortgage payment can also file for a deed in lieu of foreclosure. By definition, a deed in lieu occurs when a homeowner hands over the deed of their home to his or her lender (i.e. gives it back to their lender) in exchange for the lender's promise not to initiate any foreclosure proceedings. Once the deed is legally owned by the bank (i.e. a real-estate owned property), the bank puts up the home for sale and collects the proceeds from the sale.
Short SaleA borrower who can no longer afford their mortgage payment can also file for a short sale. By definition, a short sale occurs when a homeowner places his or her home up for sale and the bank is willing to accept less than what is owed on the property. This solution can be beneficial to both the homeowner and the lender if the property is not affordable to the current homeowner. First and foremost, Acocella Law Group, P.C. will analyze the specifics of the borrower�s case and determine whether a short sale is a possible option. This analysis is based on determining which stage of foreclosure the borrower is in, as well as whether the bank is receptive to the idea of a short sale. If the bank is receptive, Acocella Law Group, P.C. will find you a local realtor who specializes in short sale who will do a conservative market analysis of the homeowner�s property to determine its value. Then, the realtor will list the property and find a buyer for the short sale property. Once a buyer is found, Acocella Law Group, P.C. will present and negotiate the offer to the borrower�s lender, and once it is accepted, the closing process is similar to a traditional real estate purchase..
