Loss Mitigation options in Maryland

Have you been laid off, injured on or off the job or has your home value dropped below the value of your mortgage? These are called Loss Mitigation Strategies. There are many state and Federal agencies and programs available to help you and we can aid in the navigation of your options.
When you fall behind on your mortgage payments and the mortgage lender/servicer starts to contact you and send threatening letter, you do have options. These are called Loss Mitigation Strategies and may include one of the following: loan forbearance, repayment plan, loan modification, and cash for keys or deed in lieu of foreclosure. We can review your loan history and financial statements to suggest the best course of action. These include income from employment, investments, rentals or remaining equity in your home.

These options include:

1. Loan Modification under Home Affordable Modification Program (HAMP)
2. Workout agreements
3. Forebearance agreements
4. Short Sales
5. Deeds in Lieu of Foreclosure
6. Cash for Keys

We can review your loan history and financial statements to suggest the best course of action. These include income from employment, investments, rentals or remaining equity in your home. You may be eligible for the Free Services provided by the Government under the Making Home Affordable Program. This is part of the Obama Administration’s broad, comprehensive strategy to get the economy and the housing market back on track. The Making Home Affordable Program offers two different potential solutions for borrowers: (1) refinancing mortgage loans, through the Home Affordable Refinance Program (HARP), and (2) modifying mortgage loans, through the Home Affordable Modification Program (HAMP).
These programs help to reduce your monthly mortgage payments to make them more affordable.
If you are scheduled for foreclosure, contact your mortgage lender or a housing counselor immediately. Your mortgage lender may postpone the foreclosure while your loan is evaluated.

Our office can work with you, your mortgage lender and your housing counselor to ensure that you get the best deal and to review any documents requested from the mortgage company. We can review any agreements reached prior to your signing them. It makes sense to have your attorney review your documents and to explain any legalese languange you do not understand. We can work with you to ensure you are able to afford the new terms of any modification, forebearance or any other agreements reached with your lender.

About Maryland Family and Real Estate Law
General information and commentary on child custody, support, divorce, separation, visitation, real estate, landlord/tenant and loss mitigation

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