Mobile Foreclosure Attorney
According to RealtyTrac, Mobile county has the third highest number of foreclosures in the state. In fact, one in every 874 homes in Mobile country is currently under foreclosure. Foreclosure is the official taking over and selling of a property’s deed, which is sometime the best option that a creditor has, even if it results in a loss on their end. The Mobile foreclosure attorneys of Cloud Willis & Ellis, LLC, are here to assist creditors tasked with foreclosure, though we also provide other possible solutions that are more viable to you and to the debtor. We assist in many other ways besides foreclosure to ensure that our clients take the most economical route available to them, such as short sale, a mortgage or loan modification, a deficiency judgement, or a deed in lieu of foreclosure.
A short sale, which is the sale of a property for less than what is left on the loan, can be a good option for the lender and borrower when it is not preferable for the borrower to default on their loan. A borrower may opt for this decision because what they owe is more than the value of the property. Our attorneys have vast experience in the short sale of Mobile properties and can help walk you through the process if a short sale is in your best interest as the lender.
If the foreclosure of a property did not generate enough revenue to cover what the borrower owed to you, you may be able to collect the deficiency. A deficiency is the amount owed on the loan, minus the finances generated by the sale of the property, and a deficiency judgment may be obtained by filing a lawsuit against the borrower in Alabama court, and may be necessary in order for your business to remain solvent.
Deed in Lieu of Foreclosure
Foreclosure proceedings can be expensive and complex. A deed in lieu of foreclosure can satisfy the borrower’s loan by simply exchanging the deed with the lender without having to go through with a possibly lengthy foreclosure process. This can serve as a good option for both the lender and borrower in many cases. A deed in lieu of foreclosure can also help protect against a deficiency, according to the Alabama State Bar, which may be an enticement for the borrower.
Renegotiation of a Mortgage or Loan
Quite often the best solution of all, if foreclosure can be avoided, is for the borrower and lender to renegotiate the loan or modify the mortgage. The debtor has a chance to stay on the property and catch up on their payments, while the lender does not lose out by having to accept a lower profit due to foreclosure. Renegotiation of the loan or mortgage can be accomplished via forbearance of principal, switching from an adjustable to a fixed-rate loan, briefly stopping loan payments, decreasing the interest rate or decreasing monthly payments, or extending the life of the mortgage.
Contact the Mobile Foreclosure Attorneys of Cloud & Willis, LLC Today
Give us a call today; the experienced Mobile foreclosure attorneys of Cloud Willis & Ellis, LLC can be reached at 205-322-6060 for immediate assistance.