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If you are behind on your mortgage you have several options to consider depending on your circumstances: bringing the loan current, loan modification, selling by a traditional sale, a short sale, a deed in lieu of foreclosure and even foreclosure itself. How do you choose which option is best for you? Ask for help from Castro Law.

At Castro Law, we first assess your individual situation and see if keeping your home is not just possible, but is the best choice. We help you understand your financial situation: is the payment affordable if you could just pay back the arrears? Do you need a payment reduction? What is the lender likely to accept as a monthly payment? Is the home “underwater”? Do you have other debt?

If you want to keep the home we can assist with a loan modification where we ask the lender to change the current loan terms due to financial hardship: put past due amounts back into the loan as principal and/or lower the monthly payment to make it affordable for you. If the lender will not modify your current terms, a sale may be inevitable. We must analyze what types of sales are available and which type has the least negative impact on you: traditional sale (if there is equity and time to market the property), short sale (where the lender accepts less than the full amount owed), or foreclosure (lender sells the home pursuant to a power of sale clause in the deed of trust). Since a foreclosure is usually not a good option for a homeowner, we also consider a “deed in lieu”, where you can avoid foreclosure by deeding the property over to the lender without a sale.

Each option comes with consequences to consider: how will this affect your credit? Will you be able to purchase a home again? Should you file bankruptcy? At Castro Law we can help you understand and weigh your options so you can make the best decision for your situation. Once you decide, we can help you get the best result possible, whether it is changing your loan terms, selling your home or negotiating with your lenders to get them to accept less than the full amount owed, or even filing bankruptcy. At Castro Law we have experience helping homeowners make good decisions and getting the results they desire.

If you are a struggling homeowner, you need to act now. The sooner you start, the more options you will have. Castro Law can guide you to a good decision and help resolve your current financial problems. The first phone call is free so please call today! 888-560-2743

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