Your foreclosure attorney can help you determine if some of the alternatives to foreclosure are viable solutions for you. Some of these options include:
Loan modifications - you may be eligible to have your current mortgage note modified. In some cases, it may be possible to work with the Federal Bankruptcy Court to force your lender to work out a modification. A mortgage modification can substantially lower your mortgage payment.
Deed in Lieu of Foreclosure - if you know you cannot maintain your mortgage payments, your lender may be willing to accept the deed on the property in lieu of foreclosing on the property. Your attorney can help negotiate this agreement.
Cash-for-Keys - this is generally done through negotiating with your lender to turn the keys to the property over in return for them providing you relocation costs. Ms. Budnik can explain more about this program and help you determine if it is a good alternative to foreclosure.
Short Sale - if you know the sale price of your home will not cover the existing mortgage, we negotiate with your lender to accept less than what they are owed in return for selling the home to a qualified buyer.
Carolyn N. Budnik, PLLC handles alternatives to foreclosure.
Call our foreclosure attorney today at (954) 245-0761 for assistance if you have been notified your lender intends to start foreclosure proceedings.