Financial troubles can happen to any of us. Sometimes, financial issues can affect us in serious ways and can even jeopardize our homes. It’s no secret that keeping up with expensive mortgages can get difficult quick. If you are facing financial problems such as overwhelming debt, foreclosure or unreasonably high loans, we can help.
If you are facing foreclosure on your home, you should know that you have options. There are a variety of options which can help you stay in your home longer, modify your debt, or even stop the foreclosure process entirely. These practices are called foreclosure defense. With the help of our experienced and knowledgeable attorneys, we can help you explore your options and choose what is right for you. To learn more about the basics of foreclosure defense, visit the following page:
Continue reading the rest of this page for more information on ways we can help you with financial problems such as overwhelming debt/loans or foreclosure.
Foreclosure is not always the only option for those facing financial difficulties. In some cases, modifying an existing loan can help homeowners negotiate new terms to make their mortgage more manageable which can allow them to stay in their homes. Loan modification can include tactics such as refinancing, and are designed as a way to relieve pressure homeowners who are dealing with mortgage payments that are unrealistic for them to continue paying. To learn more about loan modification, read:
Deed in Lieu of Foreclosure
It is no secret that the the constantly changing real estate market can affect the value of a home. It is not uncommon for the value of a home to be less than what the homeowner’s debt actually is. In these situations, if the home is foreclosed upon, the home may be sold for much less than its actual worth. This causes problems for both the bank and the homeowner as there is still debt.
Electing to pursue a Deed in Lieu of Foreclosure can be a good decision in these situations because it allows the homeowner the become free from any remaining debt on the home. This can be a good choice because the homeowner is no longer responsible for any remaining debt, can maintain a good credit rating, and will be able to purchase another home at a later point in time. For more information on Deed in Lieu of Foreclosure, please visit:
Repayment Plan Negotiation
Sometimes an individual is locked into maintaining payments for a loan or debt that isn’t realistic/workable. In some situations, it is possible to pursue repayment plan negotiation in order to re-baseline what is owed. Repayment plan negotiation isn’t right for everyone, but in some situations it allows individuals to renegotiate their debts for how much is owed. This can help relieve stress and financial pressure. For more information on repayment plan negotiation, read:
If a mortgage is greater than the actual market value of your home, the loan is considered “underwater”. This situation can sometimes best be managed by pursuing a short sale. In a short sale, the lender will agree to accept less than what is actually owed on a home in exchange for releasing a lien on the property. This can be a great option for homeowners because it can allow them to avoid a long foreclosure process which can be stressful and time consuming. If you are interested in learning more about short sale negotiation, visit:
Bankruptcy is very misunderstood in general. People associate bankruptcy with losing their home and other valuable assets. This is far from true. While pursuing bankruptcy can result in the loss of some of your assets, in many cases it can help you protect your home, care, bank account and other assets while improving your financial situation by either restructuring your debt, or eliminating it all together. Declaring bankruptcy can also immediately halt a foreclosure on your home. There are several different types of bankruptcy, each with a different, but beneficial result. To learn more about different types of bankruptcy, read the following pages:
How we can help you
When your mortgage balance exceeds the market value of your home you have an underwater loan. A short sale occurs when a lender agrees to accept less than it is owed in exchange for releasing its lien on the property. A lender and a homeowner will sometimes negotiate a short sale to avoid the long process and unpleasant consequences of going into foreclosure.
Call us today!
If you are having financial troubles, you don’t have to deal with these problems on your own. We can help you protect your home, car and other assets. Every case is different, but we believe there is always a way to improve our client’s lives. Tucker, Nong and Associates has some of the best attorneys in the Northern Virginia, Washington DC and Maryland areas. Our experienced attorneys and legal staff are here to help you and can offer you a wide variety of services to protect you financially.
Call us today for an evaluation of your case.