Las Vegas Foreclosure Protection Lawyer
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Foreclosure Protection
Bankruptcy
Rory and his team understand how much pressure the foreclosure process can put on you. And while no two cases are the same, when it comes to foreclosure protection you have a number of options. These include bankruptcy, mediation, loan modifications, and even a short sale of your home. Contact Vohwinkel Law today to learn more about all of these options.
Whether you are considering a declaration of either Chapter 7 or Chapter 13 bankruptcy, one important benefit is the effect it has on the foreclosure process. Once you file your Las Vegas bankruptcy petition, you are immediately protected by what’s known as the automatic stay. The automatic stay brings a halt to all collection efforts against you immediately. These protections extend to the foreclosure process. The stay will remain in place long enough for you to come up with a plan in your bankruptcy case to deal with your mortgage payments.
Foreclosure Mediation
The Mortgage Modification Mediation Program is available to anyone that has filed for protection under Chapter 13. It can also be used in any case involving real property like a home or office building. For many, the mediation process is preferable because it is more flexible than a formal court proceeding and is less expensive than an expensive foreclosure trial.
During the course of the mediation, the mediators will facilitate a discussion on all of your available options. This can include the possibility of a loan modification, a short sale, or a deed in lieu of foreclosure.
It is critical to go into your mediation fully prepared, and that is something that Vohwinkel Law can help with. With a large number of foreclosure cases under our belt, Vohwinkel Law is ready to help you get the most out of your foreclosure mediation.
Loan Modification
A loan modification is aptly named; it is simply an agreement among the parties to change the terms of your loan. This can often include lowering an interest rate or monthly payment. It can also include changing other material terms that have caused you hardship. Some of the most common parts of loans that are modified include:
- Lower monthly payment
- Lower interest rate
- Adjustable interest rate converted to a fixed interest rate
- Extended time before payment is due
- Reduction in the amount of the loan
- Waiver of fees
- Second mortgage negotiated or eliminated.
Short Sale
As we mentioned above, in many cases it is possible to come out of a foreclosure owing to a large deficiency balance. That puts you in the unenviable position of paying for a home you no longer own. However, in some cases, your lender will agree to what is known as a short sale. In a short sale, your lender will agree to buy back your home despite it being worth less than your mortgage debt.
While you wouldn’t profit from the sale, you also won’t wind up with a deficiency judgment against you either. Some lenders are willing to enter into short sale agreements to avoid the lengthy and costly foreclosure process. A short sale can benefit you not only by helping you avoid a deficiency but also protect your credit by keeping a foreclosure off your record.
It is important to note that there are drawbacks to a short sale. While a short sale will allow you to avoid foreclosure, a short sale can still have a negative impact on your credit. Many Las Vegas sellers also have strict guidelines when selecting short sale candidates, so it may not be an option for you to begin with.
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