February 17, 2010

Pre Foreclosure Options for Distressed Homeowners

by Juan Vaglienty, Esq.

    The recession has caused many homeowners to be confronted with reduced work hours and pay or worst with unemployment.  As a result of these financial hardships many homeowners are finding it very difficult to make their monthly mortgage payments on time or at all.  These Homeowners are at risk of falling into foreclosure.  Homeowner's do have options available to them.  The following are some of the options that may be available for qualified homeowners:

  1. Forebearance
  2. Refinance
  3. Loan Modification/Making Home Affordable Program/Obama Plan
  4. Short Sale
  5. Deed in Lieu of Foreclosure
  6. Bankruptcy
    In order to determine, whether you qualify for any of the above options you should contact my firm or any other  attorney.  Homeowners should be wary of unscrupulous companies that are not licensed attorneys who promised to rescue them from their distressed property.