If you are struggling to make your mortgage payments, you may feel like bankruptcy is your only option. This is because many attorneys promote bankruptcy as the inevitable, or sometimes only option. However, at Sternberg Law Group, our goal is to help you keep your home. We are well-versed in a variety of home retention options and will work with you to find the solution that best fits your personal circumstances. Though we are able to confidently and smoothly handle a strategic foreclosure, we will also go over a variety of home retention options that may work for you.
At Sternberg Law Group, some of our clients are eligible for loan modifications. A loan modification is a change the lender makes to the terms of your existing loan. This change could include a rate reduction, adjusting the interest rate, extending the term of the loan, reducing the principal, or a combination of the aforementioned options. Our experienced attorneys can negotiate every step of the loan modification process with your lender in order to create a successful change that works for you. Our expertise will not only increase the likelihood of you keeping your home but will also help prevent financial catastrophes.
A second mortgage is a loan that uses your home as collateral, in a similar fashion to the loan you used to purchase your home. This loan is known as a second mortgage because your purchase loan is typically the first loan in line to be repaid if your home goes into foreclosure. It is extremely important to keep track of a second mortgage as many companies have been known to stop sending monthly statements, but this does NOT mean they’ve gone away. Interest will continue to accrue, and they could come back at any time demanding you pay all the missed payments. At Sternberg Law Group we can help you figure out if your house is at risk of foreclosure from an “abandoned” second mortgage, and if so, we may be able to help you settle the debt you owe in a much more manageable manner.
If you find yourself facing a short-term financial hardship and need temporary assistance with making your monthly mortgage payments, your lender may allow you to pause or reduce your payments for a limited period of time. The qualifications for mortgage forbearance have changed during the past year due to the global coronavirus pandemic. In March 2020, the CARES Act (Coronavirus Aid, Relief, Economic, and Security Act) was enacted to provide protection and relief for homeowners attesting a financial hardship caused by the COVID-19 crisis. However, the government-mandated mortgage relief is only for federally backed mortgages.
Understanding key considerations, limitations, and rules are imperative to successfully navigating away from foreclosing on your home. A good foreclosure attorney will help you understand all of your options before helping you pursue the route that makes the most sense for your particular circumstances. In addition to the aforementioned options, our lawyers can explain a handful of other home retention options. We understand that most of our clients come to us in distress and we pride ourselves in tailoring legal strategies to reduce stress and help homeowners make the best, well-informed decision they can. From individuals who find themselves in a temporary financial struggle to clients who have neglected a forgotten second mortgage for over a decade, we are here to help you. Contact us here now to be personally matched with an in-house attorney based on your needs and our attorneys’ specialized skillsets.