Have you been served with a Summons and Foreclosure Complaint? You have several options depending on whether you want to keep your home or walk away. Regardless of the option you decide, it is critical that you respond to the Foreclosure Complaint within 20 days from the date you were served otherwise the bank can move for a default judgment against you and later sell your property at auction. It is critical to speak with an experienced foreclosure defense attorney, to discuss all of your options. An important part of foreclosure defense is discussing the foreclosure alternatives available with an experienced foreclosure defense attorney. There are several government and lender specific programs available to struggling homeowners. The following are the most widely utilized loss mitigation options: Mortgage Modification, Short Sale, Deed in Lieu of Foreclosure or Bankruptcy. This article discusses the first home preservation option, Mortgage Modification.
A Mortgage Modification is a change to the terms of the original promissory note and mortgage. Depending on your lender and the type of loan, an experienced foreclosure defense attorney is often able to renegotiate your loan terms such as a lower interest rate, a lower payment and potential principal reduction. Whether you qualify for a Mortgage Modification will depend on your income, your existing loan terms and your financial hardship. An experienced Foreclosure Defense attorney should be able to tell you whether you prequalify for a Mortgage Modification by providing the attorney these facts, so that the attorney may determine whether you meet the guidelines.
Contrary to popular belief, you don’t have to have good credit to qualify for a Mortgage Modification. Most borrowers seeking a Mortgage Modification are seeking to reduce their monthly mortgage payment because they cannot afford the payment due to a recent financial hardship. In most cases, if you qualify for a Mortgage Modification, any missed payments will be added to your principal balance so you can start over with a lower payment and interest rate. If you qualify for a Mortgage Modification, you will be able to keep your home and dismiss the Foreclosure lawsuit. Homeowners may apply for a Mortgage Modification on their own, however, most times they find that hiring an experienced Foreclosure Defense attorney can assist in the process, as the communication with the bank can be tedious and time consuming.
About the Law Office of Eleni Noble Zarbalas, PA
The Law Office of Eleni Noble Zarbalas was formed in 2009 by Eleni Noble Zarbalas, Esq., who has been practicing law for 16 years. Eleni is a Real Estate Attorney, licensed Realtor and Title Agent. Eleni has represented hundreds of homeowners in foreclosure defense, loan modifications, shorts sales and deed-in-lieu of foreclosure. Whether you are facing foreclosure or buying or selling commercial or residential real estate, we can give you experienced tailored legal representation. Throughout the entirety of her career, Mrs. Noble Zarbalas has handled all aspects of residential and commercial real estate transactions including contract drafting, review and examination of title work, curing title defects, extensive interaction with buyers, sellers, real estate agents, mortgage brokers and lenders for the coordination of all closing matters. As both a transactional and litigation attorney, Eleni leverages her knowledge of the banking industry and drafts agreements in anticipation of litigation, mitigating risk while achieving the most favorable business terms possible for her clients.