Home Help NY can help you any and every option available. Our attorney, Diosalma Melgar, is a licensed, trusted attorney who has been helping distressed families for decades. The COVID-19 Pandemic is leaving many people in unstable situation. Many people are facing foreclosure and losing their homes. Our goal is to relieve these financial burdens and understand what option is best for you and your family.
Options for Homeowners to Avoid Foreclosure
The fact is that for vast majority of foreclosures are stressful, confusing and overwhelming for people because they do not know much about the foreclosure proceeding. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings. Here is a quick breakdown of the most popular options:
• Loan Modification
A specialized foreclosure defense attorney can lay out the options available to homeowners who are facing foreclosure. Under the Housing Bill passed by President Obama, homeowners facing foreclosure can go for loan modification. Home Help Assistance Program can help a homeowner negotiate the mortgage modification with the lenders.
• Short Sale
Still another option that homeowners have is that of short sale. Under this option the homeowner will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, home help now can negotiate with the bank. Our team, including attorney Diosalma Melgar, will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.
• Deed In Lieu
Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The homeowner’s real estate attorney will negotiate with the lender. The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.
• Bankruptcy
Another option that a Home Help NY can suggest to a homeowner is to file for bankruptcy. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.
• Refinancing
Home Help now may also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.
• Reverse Mortgage
Reverse Mortgage is loan against the property. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.
• Contesting Foreclosure
In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. Our attorney, Diosalma Melgar can help homeowners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage company has filed the foreclosure proceedings illegally. A cautious attentive homeowner with the help of Home Help NY will discuss anything illegal about the proceedings.
The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is up to the homeowners to seek these options. Home Help NY will act as a specialist guide in their efforts to avoid foreclosure. The content of this article merely provides a broad generalization and should not be construed as legal advice. Please contact us for a free consultation.
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