How Our Foreclosure Lawyers Can Protect You
Few legal troubles in life are more stressful than the prospect of losing your home to foreclosure. If you have found yourself in this situation, it’s important to involve an attorney as soon as possible. You may have options for saving your home or, at the very least, preventing the disastrous toll a foreclosure can take on your credit. However, the longer you wait, the more those options will dwindle.
At Ugell Law in New York City, we help homeowners find favorable resolutions to impending foreclosures. Our goal is to protect your credit and finances to the fullest extent possible, avoiding the harsh consequences of a foreclosure.
Two Common Alternatives To Foreclosure
Depending on your situation, you may qualify for more favorable alternatives to foreclosure such as:
- Loan modifications: In many cases, this is the best option for avoiding foreclosure. It will allow you to keep your home at a more affordable monthly payment while preventing your lender from initiating a foreclosure action. However, the terms of your financing may limit your ability to pursue this option. Our attorneys can review your mortgage agreement and determine whether modification is an option. If so, we are very well-versed in effectively negotiating with powerful banks on behalf of the underdogs.
- Short sales: If a loan modification isn’t feasible, your next best bet may be a short sale, which refers to selling a property for less than the amount you owe. This approach is much better for your credit than a foreclosure, and it will allow you to qualify for another mortgage much sooner. However, your lender must agree to the sale, which adds another layer of challenges to the process. Our attorneys can help you navigate the entire process and help get your lender on the same page.
Talk To Our Team About Your Options For Avoiding Foreclosure
We can walk you through your options and help you pursue the most favorable one. To get started, call 845-608-8098 or reach out to us online. We provide free initial consultations for prospective clients facing potential foreclosure.