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Second Mortgage

$1 Billion+

in Distressed
Real Estate Represented

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1000+

Foreclosure Sale
Dates Avoided

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93%

Successful Settlement
Rate with Mortgage Lenders

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Can’t Keep Up With the Mortgage? There is Hope

Many homeowners struggle with keeping up their mortgage payments. Here are some alternatives to consider:

Refinance Your Mortgage

Replace your existing mortgage with a new one under different (and more favorable) terms. You can reduce your payment by getting a new mortgage at a lower interest rate and/or for a longer term. What kind of deal you get will depend on your credit score and market conditions, but if you qualify it’s worth considering. Usually a mortgage broker can answer your questions.

Modify Your Existing Mortgage

If your lender and you agree, you can change the terms of your current loan to try to lower your payments. Whether or not a bank agrees to modify your loan is completely within its discretion, unless you are a homeowner who qualifies under certain federal programs (go to makinghomeaffordable.gov to learn more). Even if you qualify, this process can take a lot of time and requires you to produce a lot of documentation.

Settle Your Debt

Under certain circumstances you might be able to reduce the principal and interest owed on your home mortgage. An attorney can work to negotiate your mortgage debt settlement on your behalf if you are underwater on your first or second mortgage or your HELOC. Once your mortgage is settled, the lien is released from the property. A first and second mortgage debt settlement attorney can explain if this could work for you.

Try For a Short Sale

You can try to sell the property for less than what you owe as long as the lender(s) agree to a first and second mortgage debt settlement. If you short sale you home, you are completely released of liability after the sale and will not owe anything to the lenders. Your best bet is to work with a lawyer to negotiate with the lenders on your behalf. You need more than a realtor here.

File for Chapter 13 Bankruptcy

Sometimes a chapter 13 bankruptcy can be used for mortgage debt settlement purposes. To see if this is an option, consult a bankruptcy attorney.

Which Second Mortgage Debt Settlement Option is Right For You?

The Southern California-based attorneys at McFarlin LLP are experienced in helping homeowners who need mortgage debt relief figure out what to do. For a free consultation, call our offices at 949-544-2640 or contact us online.

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