Solutions For Real Estate Worth Less Than The Mortgage
If you are behind on your mortgage and threatened with foreclosure, it may seem like you have no good choices. Do you hang on until the lender takes your home and kicks you out? Do you soldier on, scrimping and struggling month after month to make the house payment? Do you surrender the property, losing your investment and possibly still being on the hook financially?
The Law Office of Rajeh A. Saadeh, L.L.C., can help you view your situation with fresh perspectives and sound legal strategies. Our attorney has helped homeowners across New Jersey who are “underwater” on their mortgage loans. It may be possible to renegotiate and keep your home. It may be possible to walk away free and clear. It may even be possible to fight the foreclosure action.
We are confident we can improve your situation.
Call our Somerville office at 908-396-8330 to discuss your rights and options.
Solutions For Keeping Your Home
Whether it was the loss of a job, a death in the family, a divorce, medical issues or some other circumstances, you fell behind on the mortgage. Even if you are able to keep up with the new house payments, you still owe mortgage arrears. It can be a constant struggle.
As your lawyer, Rajeh A. Saadeh can negotiate directly with the bank or mortgage company on your behalf to get you some relief. You may qualify for a forbearance — a short-term reprieve from mortgage payments that allows you to catch up on the back payments. You may qualify for a loan workout that lowers the monthly payment or extends the loan period. You may qualify for a loan modification program that forgives part of your mortgage debt if you adhere to the terms of the plan.
We sit down with you to conduct a thorough analysis of your financial picture and realistic options.
Solutions For A Distressed Mortgage
If your mortgage is distressed or “underwater,” it means that the property is worth less than the total amount of the loans securing it. You may decide that you want to keep the home, hoping that your finances and the property’s valuation bounce back.
But sometimes it is prudent or necessary to cut your losses and move on. Although this is a very difficult decision, we have a vast array of tools to make it more bearable or even positive in the long run. The problem with simply abandoning the property or waiting for the sheriff to evict you is that you are still legally responsible for the mortgage. In addition to the black mark of foreclosure on your credit rating, lenders can file liens against you for years in the future.
There are alternatives that may allow you to truly walk away from a distressed mortgage:
- Short sale — You sell the home and turn over the proceeds to the bank as forgiveness of your remaining debt.
- Deed in lieu of foreclosure (mortgage release) — You turn the property over to the lender in exchange for release from the mortgage and full or partial forgiveness of the arrears.
The Law Office of Rajeh A. Saadeh, L.L.C., can represent you in negotiations, convincing the lender to accept these terms and cuts its own losses rather than trying to collect arrears that you clearly don’t have the means to repay.
What Is The Right Solution For You?
Depending on your goals, the underlying facts of your matter, and your personal circumstances, we will help you pursue the course of action that makes the best sense for you and your family.
The Law Office of Rajeh A. Saadeh, L.L.C., is on your side. Give us a call at 908-396-8330 or contact us online and we will reach out to you to schedule a consultation. We practice throughout New Jersey, including Middlesex County, Somerset County, Hunterdon County, Morris County, Union County and Mercer County.