Swift Action is Vital to Mounting an Effective Foreclosure Defense

Foreclosure Defense

Have you defaulted on your mortgage? Are you behind on your association fees? If you’ve been served with a foreclosure lawsuit, it is important that you hire an experienced attorney to defend your rights and fight to keep a roof over your family’s head. Once you have been served with the lawsuit, the law limits the time you have to file a response to 20 days. Your failure to respond in a timely fashion to a foreclosure lawsuit may result in a default against you and the potential loss of your home.

Even if you have been unable to make your mortgage and association fee payments, there are many options and defenses available to you.

Loan Modification

There are also options available to help prevent a foreclosure before you are actually facing the lawsuit. If your home value has fallen, you owe more than your home is worth, you’re experiencing financial setbacks, or you’ve become unemployed, a loan modification could help you solve your home finance problems.

In 2009, the US Government passed the Making Home Affordable Program  (MHA) to help struggling homeowners avoid foreclosure by reducing their monthly payments, lowering a loan’s interest rate, deferring the principal balance, or even extending the term of the loan (i.e. 30 years to 40 years).

Below is a list of programs available to homeowners.

  • Home Affordable Modification Program (HAMP)
  • Principal Reduction Alternative SM (PRA)
  • Second Lien Modification Program (2MP)
  • FHA Home Affordable Modification Program (FHA-HAMP)
  • USDA’s Special Loan Servicing
  • Veteran’s Affairs Home Affordable Modification (VA-HAMP)
  • Home Affordable Foreclosure Alternatives Program (HAFA)
  • Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP)
  • Home Affordable Refinance Program (HARP)
  • FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance)
  • Home Affordable Unemployment Program (UP)
  • Hardest Hit Fund (HHF)

If you are facing foreclosure, or if you’d like to learn about your eligibility for any of the above loan modification programs, please give us a call to set up a free consultation where we will analyze your situation, discuss your options, and begin the process of protecting your home.

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