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Providence Avoiding Mortgage Default Attorney

Attleboro Mortgage Payment Plan Lawyer

A mortgage default is when you have missed 3 or more payments on your home. At this time the lender will likely start the foreclosure proceedings with their attorney. Most lenders will also stop accepting any payments at this time, even if a payment or partial payment is sent in to them. This is a serious situation which can lead to foreclosure and the loss of your home. There are options you have to cure your default. With the help of BK Law Group PC, foreclosure defense attorney, we can evaluate your financial situation and assist you in getting back on track with your mortgage, or work out other solutions based on your goals.

Ways to cure a mortgage default include working out a payment plan with your lender, known as a forbearance, where your payments are suspended for a set amount of times, normally 3 to 6 months, to allow you to get back on your feet financially and catch up. Your back amount owed is added to your loan balance, increasing the total number of payments. A loan modification may also be an option, which can help lower your payments through a change in terms which can include a lower interest rate, longer term of the loan, reduced principal or a negotiated payment amount.

If you simply can no longer afford your home, you can avoid a foreclosure by a short sale or deed in lieu of foreclosure, both methods that will allow the bank to either take a reduced amount as full payment of your loan, or accept your deed as full payoff. With the help of our office, we can ensure these agreements are structured so that you do not risk the lender being able to come back to you later to collect the difference. These are also better methods to protect your credit history than a foreclosure.

Mortgage Default Legal Assistance

BK Law Group PC has been helping residents through Massachusetts and Rhode Island for over 20 years. She is known locally as “My Home Saviour” due to her hard work and dedication in helping her clients keep their homes. Attorney Balser will not take any case she cannot help and will take whatever time it takes to get the job done.

For help with mortgage default, contact a Foreclosure Defense lawyer from BK Law Group PC.