Behind on Your Mortgage?

For many years, I worked alongside big-name mortgage companies as a creditor attorney. From that experience, I learned a lot about the way mortgage companies think and operate. A prime example is that instead of working with homeowners, mortgage companies prefer foreclosure since there are distinct incentives for them.

Remember, there are benefits as well as drawbacks for you for each of the options mentioned below. Therefore, it is in your best interest to hire a top Binghamton bankruptcy attorney to assist.

  • Chapter 13 Bankruptcy – With this option, you make regular payments and pay all arrears within a five-year period. As attorneys, we have the ability to force your mortgage company to accept a Chapter 13, making this your best and most cost-efficient option.
  • Selling the Home – While your mortgage company would love to see the home sold, this leaves you without a place to live and years rebuilding credit to purchase a new home. The risk is that the sale may not be enough to pay the debt owed.
  • Home Refinance – Refinancing is another possibility, but the home cannot be in foreclosure and you need good credit.
  • Reverse Mortgage – A reverse mortgage is another option if you are a minimum of 62 years old and have significant home equity. For the name of an excellent broker, call a Binghamton bankruptcy lawyer.
  • Negotiate with the Mortgage Company – Not only is it nearly impossible to negotiate with a mortgage company, most often there is no resolution. Because of this, we discourage our clients from negotiating. If this is something of interest to you, always have a top Binghamton bankruptcy attorney battling with you.
  • Fight the Mortgage Company – Often, mortgage companies hire high-profile attorneys from New York. In addition to an already significant expense, these attorneys typically ask for a tremendous amount of documentation that increases the fees.
  • Deed in Lieu – A deed in lieu consists of a transfer of the home’s deed to the mortgage company. This may be a valid option, but getting approval from the mortgage company is unlikely.
  • Short Sale – The name short sale is because mortgage companies usually come up short financially, since homes often sell for less than the amount owed. For a short sale to occur, the mortgage company must give permission in most cases.
  • Foreclosure – A foreclosure is going to be the preferred option for mortgage companies. While usually more advantageous to the mortgage company, there are times when you too would benefit.

It is important for you to gather all the facts about the options mentioned. For assistance with this, as well as legal guidance through the preferred option for catching up on your mortgage, you can talk to a Binghamton bankruptcy lawyer by calling (607)-217-1226.

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