Whether due to the loss of a job, reduction in income, health issues or other unforeseen circumstances, financial hardships do occur that can put your home at risk of foreclosure. Even if you have been served with a foreclosure summons and complaint, the Law Offices of Seth J. Arnowitz, LLC can still represent you in the foreclosure action and help ensure that your lender complies with its legal obligations and considers you for available alternatives to foreclosure. Some of the ways that we can help are:
Foreclosure Defense – we will represent you in the pending foreclosure action and ensure that you do not lose your home until all available alternatives are explored and the lender has proven that it actually does have the right to foreclose. If your home is your primary residence, we will represent you in mediation and explore foreclosure alternatives through the mediation process. We will conduct discovery and, f you have defenses to the foreclosure, we will plead them in the foreclosure action. If we are unable to save your home, we will ensure that you have time to exit your home gracefully and that there are no unexpected surprises, i.e., deficiencies or unintended tax consequences.
Loan Modification – If you are receiving income, many lenders will allow you to modify your mortgage so you can begin making affordable payments. The Law Offices of Seth J. Arnowitz, LLC will assist by helping to prepare, organize and submit a complete financial package to ensure that your lender reviews you for all available loan modification options including in-house and government programs such as HAMP. We will also make sure that the lender considers all available income including employment income, rental income, retirement income, government benefits such as social security, and even contributor income from individuals who are not borrowers but reside in the home. Even if you have been denied once, we can ask the lender to review you again if there has been a change in your circumstances and to ensure the lender has not made an error in its analysis.
Other Home Retention Options – If you cannot qualify for loan modification, we will also help you explore other home retention options such as CHFA’s EMAP program, forbearance agreements and payment plans. Our firm will also ensure that the bank does not complete the foreclosure process and take title to your home while you are being reviewed for these options.
Short Sales – A short sale occurs when your lender agrees to let you sell your property for less than the amount you owe on your mortgage. When done right, the lender will cover your closing costs and forgive the deficiency, thereby allowing you to sell your home without bringing any money to the closing. Depending on the type of mortgage you have, the lender may even provide you with a cash relocation incentive. The Law Offices of Seth J. Arnowitz, LLC has successfully negotiated hundreds of short sales and has been doing so for more than ten years, even before most borrowers, real estate agents and so called “short sale experts” had even heard of the term short sale. We will make sure the short sale process goes as efficiently as possible and ensure that the lender does not complete the foreclosure process before the short sale is completed.