California Foreclosure Defense Lawyer
In these difficult economic times, so many American homeowners are struggling with fighting foreclosure of their homes. Many, however, are unaware of the various potential options available to them in order to avoid foreclosure and improve their financial situation. There are a number of alternatives to foreclosure. Generally speaking, mortgage companies would prefer homeowners to stay in their homes. The hassle of foreclosing and reselling the home in a bad market while keeping the house on their books is usually not a very beneficial situation for them. They can be amenable to new arrangements, but they are very difficult to deal with, and often offer and make arrangements that are highly unfavorable to the owner. The legal team at the firm could greatly assist in the process of dealing with the mortgage company and will pursue a favorable result for you.
How to Avoid Foreclosure
The United States Department of Housing and Urban Development (HUD) has initiated a number of different programs to make it easier for individuals and families to keep their homes. For example, the Making Home Affordable© Program has programs for those who are unemployed homeowners, programs for military members, plans for those whose home value has fallen and many others. If you are struggling with making your monthly mortgage payments, one of these options might be right for you.
The Loan Modification Option
Through programs such as the Home Affordable Modification Program (HAMP), Principle Reduction Alternative (PRA) and others, you could lower your monthly mortgage payment to a manageable amount. For example, HAMP decreases your monthly payments to 31 percent of your monthly income before taxes. Other programs can help owners whose homes are worth less than they owe, those who have a second mortgage and those who are not qualified for a traditional refinance.
Mortgages That Are Underwater
What does it mean to have an “underwater” mortgage? This option can work for people whose home value has significantly decreased. A lowered home value might make it difficult to obtain a refinancing option. To remedy this situation, there are programs such as the Home Affordable Refinance Program (HARP), PRA and the Treasury/FHA Second Lien Program. Each of these options is uniquely catered to fit a specific financial situation.
If you have recently lost your job or have been unemployed for some time, you know you can’t keep paying your monthly mortgage without taking a significant cut in your savings. This is where “UP” might come in helpful, which is the Home Affordable Unemployment Program. This particular program provides a minimum year-long suspension of mortgage payments while you seek reemployment. Other options include the Emergency Homeowners’ Loan Program and the FHA Forbearance for Unemployed Homeowners.
The Managed Exit Option
You may have come to the decision that your mortgage simply isn’t manageable anymore. If this is the case, and you wish to relocate to a more affordable housing situation, you have the managed exit or “redemption” option. These individuals might qualify for “deed in lieu” foreclosures or short sales.
All of these activities are complex undertakings and most lenders will always be acting entirely in their interests, often to the detriment of the homeowner. If you are facing foreclosure, you are urged to contact a California foreclosure lawyer at once to get knowledgeable legal help with your case. Our firm will have your best interests in mind and can thoroughly evaluate your finances to determine the best foreclosure alternative option for you.
Effective Legal Guidance Concerning Foreclosure Defense
Law Office of J. Arthur Roberts has been legally advising and acting on behalf of clients facing foreclosure for 20 years. We understand that you may be experiencing considerable stress and frustration concerning your situation. We have a long track record with this process and we will work tirelessly to help you avoid foreclosure and protect your financial future by reviewing your alternatives and helping you make the best decision possible.