In the event that a borrower slips behind on his or her mortgage payments, the lender may proceed with the foreclosure process.
While you may feel that your only option is to give in, letting the bank take your home, there are other strategies to consider.
At the Coyle Law Group, we have helped many people save their home through foreclosure mediation. Contrary to popular belief, lenders do not want to repossess real estate. Instead, they would rather work something out with the borrower, allowing them to stay in their home as long as they live up to the terms of the agreement.
Foreclosure mediation is the process of negotiating with the bank with the goal of working out a mutually beneficial deal. Both sides have an idea of what they want to happen, and the mediation process allows them to “give and take” with hopes of coming to a final agreement.
With so many details associated with foreclosure mediation, it is essential to know exactly what you are up against. How many payments have you missed? How much money do you owe the lender, including missed payments and the outstanding balance?
Our law firm can help you answer these questions, assess your situation, and represent you in your dealings with the lender.
The results of foreclosure mediation are not guaranteed, but we have helped many people save their home. Best yet, the terms and conditions of their loan moving forward allow them to more easily make payments to avoid future issues.
If a loan modification is not a possibility, we can explain your other options. Through mediation, the lender may agree to a short sale or deed in lieu of foreclosure. Both options are better than simply having your home repossessed.
The Coyle Law Group is here to help you deal with all aspects of foreclosure. The day you receive notice from your lender is the day you should contact our foreclosure mediation attorneys to discuss your situation. Our foreclosure mediation services may be just what you need to feel better about the future. Visit us at our offices located in Columbia & Rockville, MD.