Saving Your Home From Foreclosure
During these difficult economic times, foreclosure is a very real fear for many homeowners. Falling even a few months behind on mortgage payments may make it nearly impossible to catch up without some form of assistance.
Located in Quincy, Massachusetts, Levin and Levin, LLP, represents homeowners at risk of losing their property. Since 1933, we have been dedicated to protecting the financial interests of our clients.
What Is Foreclosure?
Foreclosure is a legal process whereby a lender repossesses your home after you have defaulted on your mortgage payments. Fortunately, the foreclosure process takes place very slowly. In many cases, homeowners need to miss multiple payments before any action is taken.
If you are headed down the path toward foreclosure or actions have been initiated against you, you do not have to give up. Options exist that may allow you to keep your home.
Pursuing Loan Modification
Foreclosure actions are costly for lenders. In the end, they lose both money and time, and end up with a property they don’t necessarily want. As a result, many lenders are willing to consider loan modifications. This may result in lower monthly payments and a lower interest rate, making it possible to catch up on late payments and continue to stay current.
Our attorneys are experienced negotiators. They are willing to deal with even the most adversarial banks or mortgage companies to secure a loan modification on your behalf.
Filing For Bankruptcy May Be An Option
It is not uncommon for people who are experiencing mortgage difficulties to have financial troubles in other areas. Filing for Chapter 13 bankruptcy may then present an additional option to save your home.