United Finance Group

How To Avoid Foreclosure

The most common question we are asked is “How can I avoid foreclosure?” Foreclosure is the process in which your mortgagor or other lien holder obtains a court ordered termination of their equitable right of redemption. This usually occurs only after a default by the borrower who has failed to make payments per the terms of the mortgage or deed of trust. The process starts when you receive a “Notice of Default” or N.O.D. When the foreclosure process is complete, the lender can take your property and put it up for sale and keep the proceeds to pay off the mortgage costs and any legal costs associated with the foreclosure. This can negatively affect your credit score and possibly disqualify you for a new mortgage for at least 3 years.

So how can you avoid this? The first most obvious answer is to comply with the terms of your mortgage agreement and make timely payments. If you are experiencing financial hardship and can document that fact, but still have a solid income and the desire to keep your home, HomeLoanPartners.com can represent your legal interests to your lender and renegotiate your existing loan. Our experienced Case Managers, paralegals and Attorneys will build a case and notify your lender you are represented by legal counsel. This process will force the lender to deal directly with your Attorney, and they can no longer contact you directly. What are some exampled of hardship?

• Inability to work due to health issues
• Business failure
• New lower paying job / Laid off / Loss of income
• Death of a spouse or family member
• Mounting bills
• Divorce or separation
• Cannot afford new adjusted mortgage payment
• Unable to refinance due to current lending restrictions(LTV/Low Credit etc...)

The Loan Mod Shop can help you get more favorable loan terms IE a lower payment and interest rate. In some cases, if you owe more than your home is now worth, we may even be able to get the lender to forgive some of the principal on your loan, or even let you add any missed payments to the principal balance or provide you with a structured repayment plan for your past due balances.

Our Forensic Audit service department can help you save your home by preparing a financial plan for your lender that you can afford. We will also analyze your financial situation as well as the terms and income you made when you were approved to determine if there is a case for a predatory lending claim. All of the facts surrounding your case will be presented by your HLP Attorney to force the lender to renegotiate your terms so you can save your home. Forensic Audit departments are understaffed and trained to put off the customer and not address your issues. Having a HLP Attorney on your side fighting for you will force them to address the merits of your case. In some cases, your financial situation may not merit a Forensic Audit process ad we will recommend alternatives such as a short sale or bankruptcy protection. In these cases we will not submit your renegotiation plan but will refund the fees for that process to you. Call us today for a free consultation to see if you qualify for a restructured loan.