Crain Law

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Foreclosure Defense Experiencing a foreclosure can be a very traumatic event. Being able to choose the right attorney can make the difference between whether or not you can keep your home. The Law Office of Allison B Crain P.C. Will attempt by every legal means available help you to keep your house by negotiating a loan that has payments you can afford provided that you can substantiate your hardships with the necessary documentation. Summons and Complaint If you are experiencing financial difficulties and are either behind on your mortgage or know that it is inevitable CALL US. The sooner we can get hold of your case the better chance we have to help you. Once your lender has served with you a Summons and Complaint, legal action must be taken. Though we prefer to see our clients prior to the involvement of the courts systems, it is imperative that an answer be given to the summons and Complaint in specific time period. Many homeowners feel overwhelmed by the enormity of this legal document and often put their heads in the sand, overwhelmed and overcome by the financial stresses of their life they loose valuable time. Loan modification What most people are coming to realize is that losing their home to foreclosure is becoming a real possibility. Home foreclosure in America today is at an all time high and is affecting many homeowners that never believed they could lose their home to foreclosure. Homeowners are feeling the crunch of higher interest rates, fuel costs, and a slowing economy. A loan modification may be the only way for a homeowner to save their home. Negotiating with the bank for a modification of your home loan can be an overwhelming process for many homeowners. Major lenders such as Countrywide bank, Indy Mac bank, Wells Fargo, Bank of America, WAMU, New Century, Quicken Loans, Aurora, Aegis, EMC Mortgage, CITI Mortgage, Chase Bank, are overwhelmed with defaults and foreclosures. That is why retaining the services of an experienced law firm or real estate attorney rather than a loan modification company is of extreme importance. What is a Loan Modification? A Loan Modification is a modification to the terms of an existing loan made by a lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the principal balance, interest rate or an extension of the loan the terms. In some cases a different type of loan or any combination of the three. A lender might not be open to providing a loan modification to a borrower unless they are behind on their mortgage payments at least 4 months. By this time their credit is ruined and the lender or mortgage servicer can profit further by negotiating a forbearance agreement and collecting more fees. How do I qualify for my loan to be modified? Various circumstances and situations will qualify one for a loan modification. An easy way to know you may be a candidate is you are financially "hurting" when it comes to meeting your monthly obligations. Living paycheck to paycheck, paying bills with credit cards, and depleting your savings are all vital signs that you may need a loan modification. Most people at that point approach a refinance, which is where many are finding they run into a wall. The most common reason for not qualifying for a refinance is the home’s value coming in less than what is owed on the home, otherwise known as being "upside down". The second factor that will hinder one obtaining a new loan will be overall credit ratings. With a tightening finance market, top tier credit is generally needed to obtain a competitive loan with an affordable rate. Many are finding that without high credit scores, they do not have sufficient credit to get a beneficial loan. Lastly, due to many wage and hour cuts across the board, many homeowners no longer meet the debt to income ratio requirements for extended financing. The reduced income works against increased bills and generates monthly debt levels that are too high. Short Sale A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed. Deed in Lieu Granting a deed in lieu of foreclosure rather than forcing the mortgage holder to complete the foreclosure process, including holding the auction, allows homeowner to avoid some of the downsides of a foreclosure and eliminates or limits the mortgage deficiency. Our deed in lieu of foreclosure FAQs will examine the definition of a deed in lieu of foreclosure, who might benefit from one, when does a deed in lieu of foreclosure become the best option, how a deed in lieu of foreclosure affects credit, where to get professional help to negotiate a deed in lieu of foreclosure and rebuilding you life after it’s all over.

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