Should You Represent Yourself in Foreclosure Defense?
 



If you are struggling to pay your mortgage, there are some things you can do on your own to avoid foreclosure or pursue another option. For example, you may be able to apply for a loan modification to make your payment more manageable or sell your home through a short sale with the help of a real estate agent. But fighting a foreclosure in court is not one of the procedures that lend itself to self-representation.

Short Sale or Loan Modification
 

These are unprecedented times in our country’s economic history. Unfortunately, foreclosure and financial distress is reaching into the lives of millions of American homeowners. If you or anyone you know is experiencing hardship we want to let you know we are here to help, and are happy to assist you in discussing your options and determining which solution is best for you. All consultations are at NO cost and completely confidential.



 

If you’re having trouble deciding whether your property qualifies for a short sale or you want to stay in your home and request a mortgage modification, give us a call.



 

What Are the Benefits of a Loan Modification?
 

Loan modification can change one or more of the terms of your loan to provide relief if you are financially stressed by the coronavirus pandemic or otherwise. Modifications can include:
 

    Reducing your interest rate
    Changing a variable interest rate to a fixed one
    Extending the term length


The extended loan term compensates the lender for the reduced interest rate or payment. So your 30-year mortgage might become a 40-year one, Broeker says.
 

But in exchange you'll get:
 

A reduced payment. If you can reduce your monthly payment, it could be just the relief you need to pull through tough times.
 

A chance to keep your home. Banks prefer to avoid foreclosure because it's an expensive process. The best outcome for the homeowner and the bank is a loan modification to make continued payments possible.