Louis W. Mountzoures Attorney at Law
Louis W. Mountzoures, Esquire
30 Turnpike Road, Suite 4
Southborough, MA 01772

508-480-8881 office
508-480-8854 fax
508-259-8100 cell

Massachusetts Bankruptcy Attorney
Representing Clients for over 25 years
Louis W. Mountzoures Attorney at Law

 

Mortgage Loan Modifications, Short Sales,
& Deeds in Lieu of Foreclosure

If your home loan is in default and you are facing a possible foreclosure, you have options. When a bankruptcy may not be your best option, a mortgage loan modification, short sale, or a deed in lieu of foreclosure may be a good alternative. Attorney Louis W. Mountzoures can help you review all your legal alternatives regarding a potential foreclosure, and can help you if you are considering, or should be considering one of them.

Mortgage Loan Modification

Despite all the government and media hype, voluntary loan modifications occur only about 10% of the time. That number can substantially increase if there is litigation or bankruptcy. Your chances of obtaining a substantial loan modification can also be greatly improved if the lender has violated the law. Attorney Louis W. Mountzoures can help you gain negotiating leverage by finding violations of the law or capitalizing on provisions of the bankruptcy code.

In Massachusetts, voluntary loan modification programs of different companies vary. Most loans are owned in pools by “trusts” and not by the servicing agent with whom you deal. The contract between the trust and the servicing agent, typically limits the number of loans that can be modified in a given pool. However, that restriction is lifted in the event of a bankruptcy or litigation.
Most servicing agents are understaffed and overwhelmed. A mortgage loan modification can take months and usually involves rejection or a token change in the loan terms. At the same time, the countdown to foreclosure sale continues. Homeowners have little time to act if a modification is not granted.

The loan modification process can be complex, and it is easy for a lender or servicing agent to take advantage of you. Using an experienced attorney to assert your rights gets you to the front of the line in this process. The possibility of litigation or bankruptcy should also increase your negotiating leverage with your lender. Our firm will assert your rights and alternatives to your lender.

Short Sales

If you owe more than your home is currently worth and are looking to sell, a short sale may be another alternative. With a short sale in Massachusetts, you may be able to sell your home to a buyer who is willing to pay less than the current mortgage amount that you owe. You will then give all the proceeds of the sale directly to the lender, and with their agreement, fully satisfy your debt.

Deed in Lieu of Foreclosure

A deed in lieu of foreclosure may be also be another option if you owe more than your home is currently worth. During this process, and with the lender’s agreement, you surrender all claims to your house, and give the deed to your lender, avoiding a foreclosure, and fully satisfying your debt.
Our firm helps homeowners in Massachusetts assess their financial options when facing a possible foreclosure.

Call Attorney Louis W. Mountzoures to schedule your free consultation.

 

Louis W. Mountzoures Attorney at Law

 
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