May 3, 2016

Negotiating with the Bank to Prevent Foreclosure

Getting approved for a mortgage and purchasing a new home is a huge milestone for many people and is often cause for celebration. Your approved mortgage payment should be affordable based on your income and existing debts. Unfortunately, many events can occur that can make you unable to keep up with a once-affordable mortgage payment.

As you fall further and further behind on your mortgage payments, you may fear a foreclosure is imminent. In this situation, too many homeowners believe that foreclosure is inevitable. After all, mortgage lenders are often large corporations that seem to treat borrowers like account numbers and a homeowner may not know where to begin in seeking help.

Fortunately, an experienced foreclosure defense attorney can help you negotiate with your bank to find a possible alternative to foreclosure.

Alternatives to Foreclosure

Not all banks will be willing to work with all borrowers, however, there may be a number of arrangements that can be reached in many situations. An experienced attorney will know how to present your case in a way that can be convincing to a lender and has different negotiation tactics that can help convince the lender that you are truly experiencing financial hardship and that an alternative solution will truly help you get back on track with your payments.

Some arrangements that a bank may be willing to offer include:

  • Modification of your interest rate or other terms of your loan;
  • Accepting partial payments for a certain period of time;
  • Short sale of your home (which will result in the loss of your home but at least it is on your own terms without a foreclosure).

A skilled foreclosure defense attorney will know how mortgage lenders work and the best way to negotiate to try to obtain an arrangement that works for both you and the lender. There may also be government programs that can help you avoid foreclosure.

Call for a Consultation with an Experienced Foreclosure Defense Lawyer Today

There are many ways to avoid foreclosure and help you regain control of your mortgage payments so you can remain in your home. At the Law Office of Michael Alan Siddons, we help struggling homeowners in Maryland, New Jersey, and Pennsylvania find solutions that prevent foreclosure whenever possible.

If a foreclosure action has already been filed, we can protect your rights in court and defend against the foreclosure in many different ways depending on the circumstances of your situation. Please call for help today at (610) 255-7500.