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Strategic Defaults | Intentional Foreclosure | Foreclosure Consultations

Protect your Liability for the Debt Today’s real estate market has forced many borrowers to think twice about their mortgage payments. With many homes having a loan-to-value of over 200%, more and more people are choosing to let their homes go into foreclosure. Letting a property foreclose may be the best option for you, but there are definitely right and wrong ways to do it. If borrowers are not careful, they may by liable for the deficiency, and sued by the lender. Depending on the position of the loan, and the state that the borrower resides in, the borrower may find themselves unable to escape the debt. Knowing how to leave a home is a matter of experience; consult an expert before you decide to stop making payments.   Work with the Bank Borrowers also need to be aware that working with the bank on a pre-foreclosure sale may have a much better effect on their credit. Short sales are much more favorable for the bank, and for the borrower. Many people would be surprised to know how little it affects the credit of the borrower, and how short the effect is. Knowing how to leave a home behind is important. Decisions made at this point will have an effect on the borrower for years to come. Properly planning an exit strategy is crucial for homeowners. Pursue all Your Options Borrowers should always be aware that banks may be willing to restructure the loan to keep them in the home. Before you let a home foreclosure because it is too far underwater, it may be wise to see what the bank is willing to do for you. Most lenders are offering workouts that lower that amount owed by the borrower. Getting an interest rate reduction or a principal reduction may make you change your mind about leaving the property. It is always wise to seek out every option before making any final choices. Working with the bank can buy you more time too. Experienced negotiators can postpone the sale of the property and keep you in the home for many extra months. Before you let the property go, be sure you are not missing out on an opportunity. JV Law Can Help JV Law is a law firm specializing in foreclosure resolution. Call in to our office for a free consultation regarding your options and the legal implications of foreclosure. Be sure that you are making the right choice, and not going to regret the foreclosure later on. Protect yourself from liability and bad credit scores. We are here to help.   Home | Loan Workouts | Short Sales | Strategic Defaults | Foreclosure Litigation | Tax | Debt | Credit | Contact Us