PRLog (Press Release)
- Mar. 11, 2013 -
The condition of the housing market in the United States is somewhat unstable which makes foreclosure a frightening reality for many homeowners. Foreclosure can happen as a result of several variables such as financial hardship or loss of employment which can make it hard for some to avoid. Homeowners facing foreclosure can benefit from the services of a defense attorney and Fausett Law PC (http://www.fausettlaw.com/
) employs attorneys who are experienced in foreclosure defense. Their attorneys will help their clients keep their homes by exploring different options to avoid foreclosure while offering affordable fees for their services.
The attorneys of Fausett Law specialize in finding alternative options for their clients who are facing foreclosure (http://www.fausettlaw.com/practice-areas/real-estate-law/...
) to help them stay in their homes. One way to avoid foreclosure is to modify or restructure the terms or payment of the mortgage. Loan modifications are a common strategy used in which the defense attorney works directly with the lender to renegotiate the terms of the mortgage. These new terms can include a reduced interest rate or an extension of the mortgage to lower the monthly payments. Another way to change the terms of a mortgage is to negotiate repayment plans. The attorneys of Fausett Law will seek to restructure the loan to either eliminate arrearages or refinance them in a new mortgage. The final strategy used to alter the terms of a mortgage is forbearance. Under certain circumstances, Fausett Law attorneys may seek forbearance to get the lender to suspend payments for a specified period of time. This strategy gives the homeowner some time to reestablish themselves financially before continuing with their mortgage payments. Each of these strategies is meant to help homeowners reduce the burden of the mortgage without having to give up their homes.
The main goal of mortgage foreclosure defense is to keep clients in their homes but sometimes the best option is to do a short sale to avoid foreclosure. A short sale (http://www.fausettlaw.com/practice-areas/real-estate-law/...
) is when a homeowner negotiates with the lender to accept a payment of less than what is owed as a full repayment of the mortgage and gives up ownership of the house. With this strategy, Fausett Law attorneys will help homeowners communicate with a real estate agent to list the property and find an offer as well as negotiate with the lender to accept the offered amount as a payment in full. If the lender accepts, the homeowner is free of the mortgage and the lender pays the attorney’s fees as part of the transaction. The homeowner does however take a slight hit to their credit rating but this is much less serious than the consequences of a foreclosure and a sheriff’s sale of the home.
While foreclosure may seem inevitable to homeowners that cannot keep up with their mortgage payments, there are options available that can avoid it. The attorneys of Fausett Law have experience dealing in foreclosure defense and can help homeowners retain their homes by reworking the terms of the mortgage or by assisting in a short sale to absolve them of the mortgage. Regardless of the strategy used, it is always beneficial for a homeowner to get a defense attorney to handle the proceeding. The attorneys at Fausett Law work to help keep homeowners from being forced out of their own homes.