Since foreclosures turned into a nationwide epidemic, the government has stepped in and forced lenders to offer homeowners a legal way to get out of the mess while still keeping their home. Your legal representative can protect your rights and get the lender to offer you one of these feasible solutions. There are many legal relief avenues open to struggling homeowners with underwater home mortgages topped off with a home equity loan.
Do you have additional questions regarding home equity loans? Our real estate attorneys are here to assist you throughout the process and answer any questions you may have. Contact a real estate lawyer near you today.
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A repayment plan is an agreement to allow the homeowner to pay the delinquent sum separately in installments, in addition to the regular monthly payments. A loan modification package can be applied for, wherein the lender reworks the entire loan to bring the monthly payments down to what is possible for the homeowner. A forbearance action will postpone lender actions for a period during which the homeowner may be allowed to make reduced payments or even no payments.
Short sales can be arranged to prevent foreclosures. This requires negotiations with the lender to allow the sale of the property for an amount that is less than the total mortgage balance. In some cases, the lender may be at fault for violating the Truth in Lending Act (TILA). If your legal representative can do a TILA audit and find some fault with the mortgage documentation and process, the entire loan may be written off.
Do you or does someone you know need legal information regarding home equity loans? Our real estate lawyers are here to help. Contact a real estate attorney in your area today for more information.
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