Menu
MORTGAGE RELIEF
The attorneys at Kasen & Kasen, P.C. regularly represent individuals seeking to obtain mortgage relief (e.g. loan modification, forbearance, deferral, refinance, deed in lieu of foreclosure, short sale, reverse mortgage, etc.).
Special circumstances enabling Mortgage Relief
Foreclosure Defense:
There are several options available to those who are facing foreclosure. These options include loan modification, loan refinance, deed in lieu of foreclosure, and short sale. With the right approach, it is possible to defend against foreclosure and potentially save your home. The attorneys at Kasen & Kasen, P.C. regularly represent individuals and
businesses seeking to obtain mortgage relief (e.g. loan modification, forbearance, deferral, refinance, deed in lieu of foreclosure, short sale, reverse mortgage, etc.)
businesses seeking to obtain mortgage relief (e.g. loan modification, forbearance, deferral, refinance, deed in lieu of foreclosure, short sale, reverse mortgage, etc.)
Loan Modification:
A loan modification is a process where the terms of an existing loan are modified in order to make the payments more affordable for the homeowner. This may involve lowering the interest rate, extending the loan term, or reducing the principal balance. The goal of a loan modification is to help the homeowner catch up on their missed payments and keep their home.
To qualify for a loan modification, homeowners typically need to demonstrate that they are experiencing financial hardship and are unable to make their current mortgage payments. This may involve submitting financial documents, such as pay stubs, tax returns, and bank statements, to show that their income has decreased or their expenses have increased.
Loan Refinance
A loan refinance involves replacing an existing mortgage with a new one that has more favorable terms. This may involve obtaining a lower interest rate, extending the loan term, or switching from an adjustable-rate mortgage to a fixed-rate mortgage.
Homeowners may consider refinancing if they have improved their credit score or if interest rates have dropped since they obtained their original mortgage. Refinancing can help homeowners reduce their monthly mortgage payments and save money over the life of the loan.
Deed in Lieu of Foreclosure
A deed in lieu of foreclosure is a process where the homeowner voluntarily transfers ownership of the property to the lender in exchange for forgiveness of the outstanding mortgage balance. This option may be preferable for homeowners who are unable to make their mortgage payments and are unable to sell their home through a short sale. To qualify for a deed in lieu of foreclosure, homeowners typically need to demonstrate that they are experiencing financial hardship and are unable to make their mortgage payments. They may also need to show that they have attempted to sell the property but have been unable to find a buyer.
Short Sale:
A short sale is a process where the homeowner sells their home for less than the outstanding mortgage balance, with the approval of the lender. This option may be preferable for homeowners who are unable to make their mortgage payments and are unable to obtain a loan modification or refinance.
To qualify for a short sale, homeowners typically need to demonstrate that they are experiencing financial hardship and are unable to make their mortgage payments. They may also need to show that the value of their home has decreased and that they are unable to sell the property for the full amount of the mortgage balance.