Real Estate Loans / Foreclosure
I have 20 years experience dealing with Real Estate secured loans and foreclosure issues. Though the cause of Mortgage Distress may vary from household to household the alternatives available to any particular household are the same.
People encountering Mortgage Distress encounter this distress for various reasons. Though the reasons may vary the alternatives facing any household are essentially the same. I have over 20 years experience dealing with Real Estate secured loans and foreclosure. In this area of my law practice I provide homeowners with the benefits of my life experience dealing with Real Estate secured loans and foreclosure.
I spent 20 years working for and representing lenders in collection matters. I have sued more people for not paying on their loans then I care to mention. But this experience has taught me one thing and the one thing this experience has taught me is that a borrower’s relationship with their lender is one of the most adversarial relationships that any person can have in their entire lifetime. Do not forget the adversarial nature of your relationship with your creditors when exploring alternatives to your Mortgage Distress.
I provide my clients with a list of alternatives to deal with their Mortgage Distress as well as the tools to be used to evaluate those alternatives. Before making any decisions as to how to approach your Mortgage Distress you must first develop a knowledge base as to what legal rights and obligations you have incident to your Real Estate secured loans. Knowledge leads to sound decision making and lack of knowledge leads to bad decision making. It is my goal within this practice area to empower my clients with the knowledge they need to make sound decisions as to what is best for them and their family given their current set of circumstances.
I do not steer our clients toward any particular alternative. I do however counsel our clients as to what rights and obligations they have and help them make a decision for themselves as to how best to approach their current financial situation. During this process I do consider: Short Sale, Loan Modification, Reinstatement, Deed in Lieu of Foreclosure, Bankruptcy, Refinance, Abandonment of the property, and allowing a Foreclosure to occur.
It’s not enough to be aware of what alternatives are before you. It’s equally important to be aware of the tools that you should use to evaluate the alternatives. So frequently people use a false premise or a false standard for purposes of evaluating their alternatives and here again this leads to bad decision making. By way of example, some households approach their decision making based upon a sentimental desire to hold onto the property without any regard to the viability of holding onto the property. Again this leads to bad decision making. I introduce three standards to evaluate a homeowner’s alternatives to mortgage distress. These standards are as follow: (1) The borrower’s obligation to pay the remaining balance of the loans after the property has been sold; (2) Tax liability; (3) The client’s capacity to pay towards housing.