Hoover Foreclosure Attorney
At Cloud Willis & Ellis, LLC, our Hoover foreclosure attorneys provide legal assistance to mortgage loan servicers, private lenders, and institutional lenders in Hoover and all throughout Alabama and Georgia. We assist clients in the foreclosure process of both residential and commercial properties, and seek to find the most economical and timely solutions available for each specific case. This may mean going ahead with a short sale, deeds in lieu of foreclosure, loan and mortgage modification, a deficiency judgment, or going another direction. We work within all applicable laws to ensure that compliance is met throughout the process, and that both the debtor’s and your rights are protected. Our top priority is to assist you in regaining the title, deed, and possession of the property, when default occurs, as cost effectively as possible. While foreclosure, which is taking over the deed and sale of the property, is one option, there may be more economical solutions for you and the debtor.
Renegotiation of the Loan or Mortgage Modification
One solution that both you, as the creditor, and the debtor may find agreeable is a loan renegotiation or modification of the mortgage. This helps the delinquent debtor get back on track with their payments by implementing some of the following processes: forbearing principal, by temporarily halting payments; lengthening the life of the mortgage; lowering interest rates; going from an adjustable loan to a fixed-rate; and decreasing monthly payments. Why go this route? Aside from helping the borrower keep their credit rating and property, you may likely receive a higher profit than by pursuing foreclosure and sending the borrower into bankruptcy. The Home Affordable Modification Program (HAMP), under the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD), has helped millions of Americans modify their loans and stay in their homes while working to pay their mortgages since 2009, after the housing market fell apart. However, re-defaulting is quite common. And, the longer a borrower stays in HAMP, the higher the chances that they will default out of it, according to CBS News. Although the nation as a whole has bounced back from the Great Recession and housing crash, millions of homeowners across the country and in Hoover are still struggling, defaulting, and re-defaulting on their modified mortgages. To find out if a modification is the right step for you to take, it is vital to talk to an experienced Hoover foreclosure attorney with the law firm of Cloud Willis & Ellis, LLC.
Other Viable Options Include Short Sale and Deed in Lieu of Foreclosure
A short sale entails selling the property for less than the amount the borrower owes on the mortgage. Short sales help both the lender and borrower by avoiding foreclosure and bankruptcy, and by reducing the borrower’s mortgage debt. Another option is deed in lieu of foreclosure, which requires the transfer of the deed to the lender, and a subsequent clean slate of mortgage payments for the borrower.
Contact a Hoover Foreclosure Attorney at Cloud & Willis, LLC Today
An experienced Hoover foreclosure attorney can provide all the answers to your questions regarding foreclosure and other options to peruse for lenders. Call Cloud Willis & Ellis, LLC, today at 205-322-6060 for immediate assistance.