Finding Answers To Help Homeowners Avoid Foreclosure
If you owe more on your mortgage than your house is worth, you are not alone. Predatory lending and other questionable lending practices ultimately caused the housing bubble to burst. At The Law Offices of Richard B. Rosenblatt, PC, we understand the devastation of losing the value of your investment. Our top priority is to mitigate your losses during this difficult time.
Whether you can no longer afford your property or need to sell your house, options are available. Experienced legal counsel can be invaluable in helping you find the right solution for your unique situation. With more than 70 years of combined legal experience, we know how to help you.
In a short sale, the lender absorbs the loss when a property sells for less than the amount owed on the mortgage. Traditionally, lenders have not welcomed the idea of a short sale. However, the economic recession has spurred an increase in them.
To gain approval for a short sale, homeowners generally need to meet certain requirements. Often, lenders will not consider a short sale unless the homeowner is behind on mortgage payments or the pre-foreclosure process has started. A hardship such as unemployment or a death in the family can be used as a bargaining tool to get approval.
Our law firm’s founding attorney, Richard Rosenblatt, has more than 20 years of experience offering debt relief solutions and foreclosure defense throughout Maryland, Virginia and the District of Columbia. During an initial consultation, we will listen to your situation, while seeking to determine if pursuing a short sale is a viable solution.
Our team includes seasoned negotiators experienced at striking deals with lenders. We know how to position short sales as a benefit to lenders who are faced with substantial implications when properties go into foreclosure.
Deed In Lieu Of Foreclosure
A deed in lieu of foreclosure can help you reach an agreement without owing additional money. This proactive measure allows homeowners to turn their keys over to their lender and walk away from their property. In the past, lenders were often unwilling to consider this as a solution. Experienced legal counsel can be invaluable in negotiating with banks to consider the value of this option.