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GRAND PRAIRIE FORECLOSURE DEFENSE LAWYER
Have you been threatened with foreclosure?
When you have gone into default on your home mortgage and have received a notice of impending foreclosure, you must take immediate action to avoid a negative outcome. You can find help at my firm, Richard Weaver & Associates. As a DFW bankruptcy lawyer with more than 27 years of experience, I know how stressful this situation may be for you and your family, and will work tirelessly to help you at this difficult time.
Should You Negotiate a Modification?
If you want to keep the home, you may want to consider negotiating with your lender for a loan modification. This is similar to a refinance, with the difference that you avoid the closing costs and other fees associated with securing a new loan. You could end up with a lower interest rate, a longer loan term or a reduced balance, giving you a more affordable monthly payment. I can also review your loan documents to determine whether you may have been the victim of predatory lending, which could make it possible for you to prevent the foreclosure by filing a lawsuit against the lender. One of the most effective strategies for people with considerable debts is to declare bankruptcy, which protects you against any type of creditor action through an automatic stay from the court.
Short Sale, Loan Modification & Deed in Lieu in DFW
In the event that you would rather move to another home, it is still advisable that you do everything you can to prevent foreclosure, which can damage your credit score for up to seven years. Many homeowners in your position choose to execute a deed in lieu of foreclosure, which involves surrendering the deed to the lender. If your home is currently worth less on the market than you owe on the loan, I may be able to persuade the lender to agree to a short sale, which would allow you to sell it at the fair market value. It is important to work with an attorney in either of these strategies, to avoid being held liable for any deficiency in the loan.
Contact our law firm Weaver & Associates foreclosure defense attorneys as soon as possible for a free consultation and to learn more about your options for fighting to keep your home.