Know Your Pre-Litigation Options
"Options that Your Bank Says they offer but often don't help homeowners in the long run."

Did you know, that there are generally only four (5) options banks may choose to offer you without litigation... and that depends on the personality of your bank's representative and how they feel.  Many times the Loss Mitigation rep lies to you or plain forgets.(Testimonial)
Know your Budget, the  Foreclosed Value  of your home and let the bank know that you are willing to do what it takes to keep your home including  Counseling/Bankruptcy.

Loan Modification/ Renegotiation
This is usually the most favorable option to keep you in your home. This is where the lender may change your interest rate or other terms of the loan; however, because loans may have been resold to other institutions, many lenders do not like to change the terms of the loan because the loan servicer must cover/pay the difference. Often, to qualify for this plan, you must make an initial payment that is often too high for the homeowner to afford.

Repayment Plan
Many lenders offer this option to homeowners who ask for assistance. This is where the bank agrees to take your delinquent amount and spread it over a period of time to bring you current.  However, the reality is that due to financial difficulty many homeowners cannot afford to pay their current monthly mortgage much less an additional amount. Often the new monthly payment is hundreds of dollars more and within a few months the home owners find themselves in the same situation.

Forebearance Agreement
This is where you get the bank to "Not take action" to take your property. While it is not offered to many homeowners in the current mortgage crisis, some banks will offer a number of months without proceeding in the foreclosure process. This is one of the actions an attorney can pursue if you choose to sell the home traditionally and maintain your equity. 

Short Sale/ Settlement Negotiation
Most often, when clients are past due a number of months and are not offered workable options or just not able to afford the home, lenders may recommend a short-sale. This is where the bank agrees to accept a settlement on your mortgage balance that is below your current loan balance. 

Deed in Lieu
Signing over your house voluntarily to the bank - displacing your family and any current/future equity potential in the home.

"Often with the assistance of an attorney, you are able to negotiate favorable terms that will allow your family to stay in your home."