What is foreclosure?
Foreclosure is generally a legal proceeding that the lender takes to repossess the property when a homeowner falls behind on thier mortgage. This process usually can begin after the homeowner falls 3 months behind but may start sooner . If a foreclosure action is sucessful the homeowner will have to vacate the premises.

What is a Loan Modification?
A Loan Modification is a process that a homeowner can initiate to request assistance to work out thier mortgage delinquency with their lender. When sucessful a loan modification can result in a change to the terms of the mortgage potentially including a reduction in the rate of interest, adjustment to the term of the mortgage and deferral or forgiveness of some of the principal balance.

I just received a notice of foreclosure. How long do I have to make my decision on what to do?
If your intention is to attempt to work out a solution and keep your home you should take action as quickly as possible. The sooner you act - the better. . The home foreclosure process can take anywhere from a few weeks to a few months, depending on your state law and the method of foreclosure your lender chooses to use.

Can I negotiate with my lender myself?
Absolutely. If you contact your lender they will usually be able to send you a package of forms that come with instructions. While some homeowners are unsure about certain requirements, many homeowners are able to complete the loan modification on thier own.

How long does a Loan Modification take?
The amount of time that it takes to get a decision from your lender on a loan modification varies but there are certain things that will keep the process on track and assure that a decision is reached as quickly as possible. The most important thing you can do to assure that the loan modification stays on track is to provide inforation and documents requested by your lender as quickly as possible and assure that the information is complete. Once a completed loan modification package with all necessary documents is submitted to your lender it usually takes anywhere from 3 to 6 months to get a decision. While it can sometimes take less than 3 months this is unusual. In some situations even with the lender having all the information and documents that they need, it can take much longer. This is usually related to the lenders internal issues or thier ability to coordinate with the your mortgage's investor. Unfortunately there is very little that can be done to move the process along in this situation.

What is a short sale?
A short sale is a process that allows you to attempt to sell your home for less than the amount you owe on your mortgage. To do this you need to request approval from your lender. As part of this process the lender generally will agree not to pursue collection of the deficiency between what the house actually sells for and the mortgage balance. The lenders ability to collect short sale deficiencies varies by state so it is important that you understand the laws in your jurisdiction or consult an attorney.

Do I have enough time to stop my foreclosure?
There is always hope, and the sooner you act, the better. There are only a few ways to stop yout foreclosure. You can usually pay all the arrears and reinstate your mortgage, your can get a sucessful loan modification, or file bankruptcy. The amount of time you have varies by the state you live in so your best option is to take action immediately.

I've already talked with my lender. They are unwilling to work with me. Can you still help me?
Maybe. We have found that sometimes when a lender says they are unwilling to work with a homeowner on a loan modification this is based on an unbreakable rule in the pooling and servicing agreement (PSA)that your mortgage is covered by. If this is the case then we probobly will not be able to help. We have in some situations gotten a copy of the PSA and found that the lenders interpretation of the rule is incorrect and then been able to have them accept a loan modification application. We generaly recommend submitting a loan modification application anyway as sometimes after saying they are unwilling to work with you, they accept, review and make a decision on you loan modification

Should I file for bankruptcy to save my house?
We reccomend that you seek the counsel of a bankruptcy attorney but filing bankruptcy can postpone / cancel a sale date. We generally think of bankruptcy as the last option for this reason. To keep your home in a bankruptcy you will generally have to resume making your full mortgage payment as well as pay back the arrears over a period that usually does not extend past 60 months. As with any advice you receive in such matters, it is always prudent to consult an attorney.

Do I need a special type of mortgage loan for you to help me?
No. We work with any type of mortgage loan including but not limited to FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, or conventional loans.

What if I can no longer afford my home? Can you still help me?
One of the primary goals of a Loan Modification is to work to arrange monthly terms that are financially feasible for our clients. If, even under the best circumstances, a Loan Modification cannot provide terms that you can pay on a steady basis, then you may have to consider other options such as a Short Sale.

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Disclaimer: This website is operated by Aronow Law PC. By completing this form or calling the number above you will be contacting our law office. We are not endorsed or affiliated with any government agency or specific lender. You should understand that you are in no way guaranteed to be approved for any solution or program. Your lender makes the decision to offer or not offer a workout solution. The information provided on this site is for informational purposes only. Nothing on this website should be construed to be legal advice. Nothing within this website shall be considered to establish an attorney-client relationship nor be conveyed as a guarantee. Photographs used are not actual clients.

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