On behalf of Lang Law Office posted in Commercial Real Estate on Friday, March 24, 2017.
Businesses that own their place of business and homeowners may fall behind on mortgage payments for a variety of reasons. Regardless how it happens, if you’ve fallen behind on payments for a piece of real estate that is now under the threat of being foreclosed, you might not have to lose the property. At the very least, you might be able to sell the property and avoid getting dinged by a foreclosure on your credit report.
If you want to avoid foreclosure and keep your property, you can try to negotiate a “deeds in lieu.” A deeds in lieu is a strategy for adjusting the terms of your mortgage. The ultimate goal is to talk with your lender and get a new payment level that you can afford, thereby affording immanent foreclosure proceedings.
A short sale is another strategy you can use to simply get out from under your property and move one without getting hit with the negative effects of having a foreclosure on your credit history. This involves negotiating with the lender to permit the sale of the property at market value, while getting the difference still owed on the mortgage forgiven.
Both of the above strategies are very useful tools in the arsenal of a real estate law attorney who is helping a client facing the threat of foreclosure. At the Lang Law Office, we are passionate about helping our clients prevent the negative and destructive effects of foreclosure, and we’re confident that we can explore various legal solution with potential new clients — regardless the nature and extent of their foreclosure problems.
Source: Lang Law Office, “Minnetonka Short Sale Attorney,” accessed March 24, 2017