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What happens if you cannot pay your mortgage payment

 

What happens if you cannot pay your mortgage payment ?

One of the scariest things that many homeowners have to face is the possibility of foreclosure. Facing the prospect of not being able to pay your mortgage, and the possibility of losing your home, can be a discouraging blow for any family to bear. Changes to the economic environment, loss of job and disability are some of the reasons why making your payments can prove to be difficult.

If you are facing this issue you should first try to negotiate with your lender. Asking your bank for relief through loan modification or a refinance could be a workable solution for you and your family.

Q. If I can no longer, under any circumstance, afford to make the payments for my home, Greenblatt Agulnick still help?

A. Yes. If selling your home is something that you are sure you want to do, we can often help to obtain the lender authorization for a short sale or a deed-in-lieu of foreclosure.

A short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished.

It is better to be proactive when facing foreclosure!  Contact your lawyer as early in the process as possible. Proper and early advisement can save you from losing everything.

 

Law Offices of Greenblatt Agulnick

 

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