If you or someone you know is anticipating a foreclosure or is already involved in a foreclosure, you may be searching for alternatives to the loss of your home and all the problems that come with it. A foreclosure will not only result in having to relocate your family from familiar surroundings but will result in a severe blow to your credit rating as well. Finding alternative solutions to foreclosures can lead to less disastrous circumstances for you and your future as a consumer.
At the Law Firm of R. David Marquez, P.C., the legal team is dedicated in helping homeowners and business owners find ways to avoid foreclosure by taking defensive actions. A Long Island foreclosure defense lawyer at the firm can analyze your situation and help you find acceptable alternatives to foreclosure. These alternatives will have their own advantages and disadvantages, which you should understand in order to make the decision which is most suitable for you.
What are the alternatives to foreclosure?
If you wish to keep your home, you can fight the foreclosure process where errors, fraudulent behavior, and discrepancies.. You can also try to work out a loan modification with your lender through mandatory modification mediation, which may allow you to refinance your debt or extend the term of your current loan. You may also be able to work out a repayment plan that would include additional time to help you catch up on your loans. A forbearance plan may allow you to have your payments temporarily reduced or suspended until you can catch up later with a repayment plan. All of these plans have the benefit of allowing you to remain in your home.
If you are willing to relocate and want soften the blow your credit score might receive from a foreclosure, you may be allowed to sell your home for less than what you owe in a short sale. Another alternative is a deed in lieu of foreclosure, where you return your property to the lender in exchange for the lender’s agreement not to foreclose. These options save your credit from the considerable damage that a foreclosure might incur.
Contact a Long Island foreclosure defense attorney at the firm to discuss your foreclosure alternatives today.
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