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Do I Qualify for Loan Modification?

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Options To Avoid Foreclosure In New York

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After recognizing your dire financial situation, you should discuss your case with a knowledgeable attorney from our firm. At E. Waters & Associates, P.C., we have helped hundreds of individuals obtain loan modifications and pursue other routes to avoid foreclosure. When you are assessing your foreclosure options, we encourage you to discuss the situation with our firm's attorneys. In some individuals' circumstances, they may even be able to keep their house. Some of the foreclosure options you have available include:

  • Deed in lieu of foreclosure: Deed in lieu of foreclosure allows the property to be paid back to the lender. You can lose your property but will avoid damaging your credit in the way that a foreclosure would. You can avoid a formal foreclosure proceeding and eliminate foreclosure costs with the use of this foreclosure option.
  • Chapter 13 bankruptcy: Filing a Chapter 13 bankruptcy to reorganize and consolidate your debts is often a good option for individuals looking for options to avoid foreclosure. Chapter 13 is a powerful way to immediately stop the foreclosure process.
  • Loan modification: The lender of your mortgage loan may approve a modification. Some of the mortgage loan modifications include special forbearance, mortgage modification, partial claim, and pre-foreclosure sale. If your lender allows you to refinance or extend your loan, you can provide more affordable payments.
  • Short sale: Short sales are one way of avoiding foreclosures and take place when the lender agrees to take a loss on the full outstanding balance on the mortgage. This process can stop foreclosure and help you avoid facing a negative impact on your credit.

Our Foreclosure Defense Attorneys Offer Unique Representation for Each Client

At E. Waters & Associates, P.C., we understand that no two cases are the same. For that reason, we can prescribe a unique solution for each individual who comes to us for a case evaluation. We want to help you in the best way possible and can determine the best route for your circumstance. Contact us at your earliest convenience!

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