Capital Law Center

As you may expect, home mortgage loan mitigation is not a one size fits all endeavor. The universe of possible solutions is vast. It's always recommended to use an attorney who is licensed to practice law in your state. It's also imperative that when you seek loan modifications, you should have an attorney that will thoroughly review your circumsta... nces and desires before recommending a course of action. Your financial circumstances, your existing loan documentation and legal rights should always be reviewed and considered. An attorney will work with you to achieve a solution which fits for you and your family. While other organizations may simply submit a loan modification request, which may be ignored by the lender, an attorney will actively and aggressively negotiate the most advantageous solution for their clients through a tough course of arbitration or litigation. In many cases, an attorney will contact your lender and get them to delay the foreclosure process without filing bankruptcy. Such a scenario allows an attorney the opportunity to negotiate a "win-win" resolution for both sides. Foreclosure is generally a very costly option for lenders. In certain instances, a modification of the existing loan is a good solution. Depending on circumstances, a deed in lieu, also known as "cash for keys" or "walk away" may be the right solution to keep a foreclosure off your credit report. There are many possible solutions to resolve a situation where a homeowner is either behind on payments or likely to fall behind in the near future. Such possible solutions include a modification or restructuring of the terms of your current loan to lower your mortgage payments, a recapitalization and principal balance reduction, a rescission of your current loan (up to three years) or a lawsuit against the mortgage company for predatory lending violations if determined to be appropriate after a proper loan document audit. There are many other possible resolutions as well. An attorney will assist you to determine which possible ...Read More