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The Advantages Of Foreclosure Mediation

It can be scary when the slow realization sets it that you and your family really could lose your home to foreclosure. And soon. The mere thought can freeze you into a sense of hopelessness, but it shouldn’t. You do have options, one of which is foreclosure mediation.

Often the Better Alternative

Chances are good that your bank or mortgage lender doesn’t really want to take back your home. They’d have to pay the property taxes on it, spend money for upkeep and to get it ready for a sale, and then wait for a qualified buyer. That could take weeks or many months, depending on your local real estate market and the state of the economy. Why face all of that when all the lender really wants is for you to catch up on your delinquent and future house payments.

That’s why, as an experienced bankruptcy Las Vegas attorney, I can assure you that foreclosure mediation might be the option that works best for both parties.

The process involves the homeowner and the lender sitting down with an impartial third party to negotiate a plan to keep the homeowner in the home and the lender assured of a continuation of house payments. All foreclosure activity comes to a temporary halt while the option is being explored.

The process might involve making such changes to the existing loan as a lowering of the interest rate or an extension of the terms. You might end up with lower monthly payments but on a longer loan. It’s a trade-off, but one that could end the immediate threat of foreclosure.

Call an Experienced Attorney

Your lender doesn’t have to agree to foreclosure mediation, but the first step is to ask.

That’s one reason why, if your home is currently threatened by foreclosure, you need to immediately call an experienced real estate attorney Las Vegas NV.

I can help you understand your financial capabilities and consider your options, including the possibility of seeking foreclosure mediation. If we decide to try to go this route, I’ll approach your lender and establish the case for mediation and how it would help both parties. We’ll also review the documents that you’ll need to start accumulating so that you’ll be fully prepared for the mediation process.

Don’t spend another day — or night — stressing out about the possibility of losing your home to foreclosure. Contact Vohwinkel & Associates immediately and I’ll go to work to help you keep it through mediation or other strategies that best fit your circumstances.

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Vohwinkel Law

Vohwinkel law has provided las vegas valley residents superior case results relating to personal injury, bankruptcy, foreclosure and more! Contact us today!

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