FORECLOSURES
The prospect of foreclosure leaves many homeowners feeling frightened, helpless, and alone.
As a foreclosure attorney, the Law Office of Laurence S. Margolin understands how devastating going through a foreclosure can be. Your home, after all, is more than just a residence – it’s the place where you and your family have built your lives.
When You Need Answers
The Law Office of Laurence S. Margolin is available to answer all of your questions regarding foreclosure. We will work with you throughout the foreclosure process to ensure strong communication at every step. If you’re already in the midst of the foreclosure process, the Law Office of Laurence S. Margolin can assess your financial outlook and negotiate on your behalf with your lender. By speaking to a lawyer early, before the foreclosure process is near the sale date, you’ll have a better understanding of your options and we will have the time needed to decide the best course of action and make a plan to save your home, if possible, get the best possible financial outcome should you need to sell your home, rather than losing it in foreclosure.
MORTGAGES
What is the equity in your home? What is your income and credit score?
Can you afford to make the payments on your mortgage(s) and line of credit?
How much more than the amount needed to pay off the mortgage, line of credit, liens and judgments is the home worth?
We will review your financial situation and discuss your options, which include:
- Negotiation with the lender for a loan modification
- Refinancing the mortgage with a different lender
- Selling the home by private sale or “short sale”
We can help you prepare a hardship letter and letter of explanation of your income and expenses, complete financial worksheets, authorizations, and the application package. We will help you obtain the required documents, including payroll stubs, W-2’s and 1099’s, Federal tax returns if self-employed, bank statements, mortgage statements, property taxes and insurance, household bills, and listing agreement if for a “short sale”.
Foreclosure is stressful enough without having to worry about filing paperwork, researching available government aid programs, and dealing with creditors. We have the knowledge and compassion to help you through these difficult times. Call the Law Office of Laurence S. Margolin today to set up a free foreclosure consultation.
SHORT SALE
What is a short sale?
In the case of a short sale, the borrower (working with his or his legal or real-estate professionals) is given permission by the lender to sell the property at fair market value (in the case of that value being lower than the amount owed) with the bank forgiving the remainder of the loan. In other words, the lender agrees, in writing, to consider the final amount paid as the loan pay-off, essentially forgiving the difference in the amount owed and the amount received. While this option may sound too good to be true, it makes a great deal of sense to the bank when the cost of foreclosure is balanced against the loss incurred by the bank on a short sale.