Facing Foreclosure? Know Your Options.

Foreclosure has become more common in America over the past several years, but there are alternatives to this option. In fact, legal counsel is available regarding mortgage foreclosure. These alternatives range from filing bankruptcy to a deed in lieu or a short sale. While the end result might not be keeping the house in some cases, these methods offer desirable solutions to the borrower and lender.

Some Of The Most Common Methods Of Foreclosure Defense Include:

• Deed in Lieu – This allows a mortgagor to voluntarily transfer property in an attempt to avoid negative marks on their credit score should a foreclosure occur. The voluntary release of property is exchanged for relief for the debtor. While the property is lost, it does provide some benefits.
• Loan Modification – A homeowner negotiates the current terms of their home loan resulting in lower monthly payments. This is more beneficial because it’s simply altering the current mortgage rather than obtaining a new one. The lender receives more timely payments instead of taking their chances with a foreclosure sale.
• Short Sale – During this process, the seller works with the lender to arrive at a price that is below what they owe. This is the price at which they will sell their home. All the proceeds from the sale go to the lender. While in many situations, the lender will release the debtor from his or her debt, this does not always occur. In some situations they will still owe the remainder of the balance.

Are You In Need Of Foreclosure Defense Services?

When home foreclosure starts, the clock starts counting down. You usually have only 20 days to respond. If you don’t move quickly, your options could become extremely limited. That’s why it’s crucial that you speak with an experienced Dallas foreclosure defense attorney at Engel Law Group, P.S.. We’ll sit down with you, determine your best option and then move to execute the plan.

Our debt relief attorneys have helped thousands of clients avoid foreclosure and figure out the best possible way to proceed. Our knowledge and experience are incredibly valuable and will help relieve your stress and worry.

You don’t have to lose your home to foreclosure. Contact Engel Law Group, P.S., today.