Foreclosure Defense Services For People In Long Island And The Surrounding Communities
If you are facing foreclosure on your home, it’s not too late to do something about it. As long as the foreclosure sale has not yet happened, you have options. You may feel like you are in a financial black hole, but with the right legal guidance, you may be able to stay in your home and modify the terms of your mortgage. Attorney Gregory P. Haegele can help you find the best solution for your pressing financial concerns.
Foreclosure Defense Options
When you hire Greg Haegele, you can expect sound, actable mortgage counseling. He will work with you to come up with debt management solutions and foreclosure defense strategies that work for you. Loan modification is the safest option and has the smallest effect on your credit rating, but for those who don’t qualify for a loan modification, filing for bankruptcy, presenting the deed in lieu of foreclosure and a short sale are also options.
Learn How Mortgage Modification Can Help You
A mortgage modification is very much like a refinance. The goal of a modification is to change the terms of repayment so you can remain in your home and afford the monthly payments. The difference between a refinance and a modification is that a refinance is a new loan that you must qualify for and go through underwriting; a modification is just resetting the terms of an existing loan. Modifications are usually the best option for people with low credit scores and people who do not have a lot of equity in their homes. To qualify for a modification, you must meet four criteria:
- You must be able to document a change in financial circumstances.
- You must be at least 90 days delinquent in payments.
- The property must be your primary residence.
- You must own and occupy the residence.
Although banks are not required to consider loan modifications, it is often a more cost-effective solution for them than taking back the property through foreclosure. When refinance is not possible and circumstances surrounding equity, aspects of the loan, and the work required to acquire and resell the home are taken into consideration, lenders can often be persuaded to modify a mortgage.
Contact Gregory P. Haegele, PLLC, To Discuss Your Foreclosure Defense Options
If you are looking for someone you can depend on to give you straight talk and straight answers about stopping a foreclosure, contact Gregory P. Haegele, PLLC, today for a free consultation. Attorney Haegele will discuss your financial situation and explore your options. Call 631-590-7126 or fill out our online contact form.
To hear Greg talk about foreclosure defense, mortgage modification and financial issues, listen to LI News Radio 103.9.