Are you facing foreclosure?
In these uncertain economic times, it is easy to fall
behind in paying your mortgage. Once you miss even
a few payments, you can quickly be faced with your
lender foreclosing on your home.
We can help!
What is a foreclosure?
When you finance the purchase of your home, you give
the bank a security interest in your property, called a
mortgage. If you fail to meet the terms of the
mortgage, including failing to make your entire monthly
payment on time each month, the note that you signed
at the closing gives the bank the right to foreclose or
take your property.
There are two types of foreclosure. The first is what
we call a strict foreclosure. If there is little or no equity
in your property, the bank can ask the court for a strict
foreclosure. The court sets a date, called a law day,
by which you need to redeem, or payoff, your
mortgage or the bank takes possession of your
property. The second type of foreclosure is called a
foreclosure by sale. This type is more common and
involves the situation where you do have equity in your
home. If the court determines that there is a significant
amount of equity, it will order a sale date where your
property will be sold at auction. If the purchase price
is more than the amount of the mortgage combined
with the expenses of the foreclosure action, then the
owner will received the balance. If the auction price
does not cover the debt and the expenses, you could
be faced with a deficiency judgment.
What are your options?
When you are faced with a foreclosure, you do have
options. We can help and advise you of such options.
The Fournier Law Firm offers legal services and
solutions, such as a short sale, bank negotiation, loan
modification, defense of foreclosure action, and
bankruptcy.
1. Short Sale
What is a Short Sale?
If you cannot afford your mortgage, you may not be
able to stay in your house, but you can avoid losing a
lot of money and facing a deficiency judgment. We
can help you find a real estate professional who can
find a buyer for your house. You may think that your
house has lost value in this difficult market and is now
worth less than the amount you owe on your mortgage.
When you find yourself in this position, the Fournier
Law Firm can negotiate with your bank to repay less
than the full amount of the mortgage from the proceeds
of the sale and to forgive the balance on the note. This
is called a short sale. The bank agrees to take less
than is owed in exchange for getting paid off at the
time of the sale.
2. Bank Negotiation
If you find that you have fallen behind in paying your
mortgage, but you believe you have the financial ability
to catch up in the future. We can work with your lender
to restructure your payments to allow you to get back
on track over time.
3. Loan modification
If you do not have the ability to make the current
payments and/or pay enough to catch up in the near
future, we can work with your bank to determine if you
are eligible for a loan modification. If you qualify for
one of the many plans proposed by the federal
government, state government or the banks
themselves, we may be able to adjust the terms of
your mortgage including the interest rate to allow for
you to make a lower monthly payment.*
4. Bankruptcy
As a last option, we can offer you advice concerning
the possibility of you filing bankruptcy. There are two
types of bankruptcy that may be available to you. The
first allows you to stay in your house for a short period
of time, while ensuring that you can walk away from the
property without owing any additional money. The
second allows you to retain your home, if you can
demonstrate that you can pay your mortgage, plus
enough to catch up on the arrearage over the next five
years.
While there are similarities to all of the many
foreclosures that the Fournier Law Firm handles, each
client presents different and individual issues. Here,
at the Fournier Law Firm we take pride in coming up
with individualized and specific solutions for each
client. Please contact us today to discuss your
options and to set up your free consultation
*Governmental and institutional solutions to the
banking and mortgage crisis are currently evolving.
FLF makes no representations concerning the
existence, availability and/or eligibility for any
particular program.
In these uncertain economic times, it is easy to fall
behind in paying your mortgage. Once you miss even
a few payments, you can quickly be faced with your
lender foreclosing on your home.
We can help!
What is a foreclosure?
When you finance the purchase of your home, you give
the bank a security interest in your property, called a
mortgage. If you fail to meet the terms of the
mortgage, including failing to make your entire monthly
payment on time each month, the note that you signed
at the closing gives the bank the right to foreclose or
take your property.
There are two types of foreclosure. The first is what
we call a strict foreclosure. If there is little or no equity
in your property, the bank can ask the court for a strict
foreclosure. The court sets a date, called a law day,
by which you need to redeem, or payoff, your
mortgage or the bank takes possession of your
property. The second type of foreclosure is called a
foreclosure by sale. This type is more common and
involves the situation where you do have equity in your
home. If the court determines that there is a significant
amount of equity, it will order a sale date where your
property will be sold at auction. If the purchase price
is more than the amount of the mortgage combined
with the expenses of the foreclosure action, then the
owner will received the balance. If the auction price
does not cover the debt and the expenses, you could
be faced with a deficiency judgment.
What are your options?
When you are faced with a foreclosure, you do have
options. We can help and advise you of such options.
The Fournier Law Firm offers legal services and
solutions, such as a short sale, bank negotiation, loan
modification, defense of foreclosure action, and
bankruptcy.
1. Short Sale
What is a Short Sale?
If you cannot afford your mortgage, you may not be
able to stay in your house, but you can avoid losing a
lot of money and facing a deficiency judgment. We
can help you find a real estate professional who can
find a buyer for your house. You may think that your
house has lost value in this difficult market and is now
worth less than the amount you owe on your mortgage.
When you find yourself in this position, the Fournier
Law Firm can negotiate with your bank to repay less
than the full amount of the mortgage from the proceeds
of the sale and to forgive the balance on the note. This
is called a short sale. The bank agrees to take less
than is owed in exchange for getting paid off at the
time of the sale.
2. Bank Negotiation
If you find that you have fallen behind in paying your
mortgage, but you believe you have the financial ability
to catch up in the future. We can work with your lender
to restructure your payments to allow you to get back
on track over time.
3. Loan modification
If you do not have the ability to make the current
payments and/or pay enough to catch up in the near
future, we can work with your bank to determine if you
are eligible for a loan modification. If you qualify for
one of the many plans proposed by the federal
government, state government or the banks
themselves, we may be able to adjust the terms of
your mortgage including the interest rate to allow for
you to make a lower monthly payment.*
4. Bankruptcy
As a last option, we can offer you advice concerning
the possibility of you filing bankruptcy. There are two
types of bankruptcy that may be available to you. The
first allows you to stay in your house for a short period
of time, while ensuring that you can walk away from the
property without owing any additional money. The
second allows you to retain your home, if you can
demonstrate that you can pay your mortgage, plus
enough to catch up on the arrearage over the next five
years.
While there are similarities to all of the many
foreclosures that the Fournier Law Firm handles, each
client presents different and individual issues. Here,
at the Fournier Law Firm we take pride in coming up
with individualized and specific solutions for each
client. Please contact us today to discuss your
options and to set up your free consultation
*Governmental and institutional solutions to the
banking and mortgage crisis are currently evolving.
FLF makes no representations concerning the
existence, availability and/or eligibility for any
particular program.
Practice Area - Real Estate Foreclosure
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Legal Services for Individuals and Organizations
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