Once a home is overburdened, there are legal procedures, in bankruptcy and outside of it, which can help. The Law Offices of Mike Norris have years of experience in helping people who are in trouble with their mortgages, even already facing foreclosure. In fact, some changes in foreclosure law recommended by our firm were adopted by the Indiana legislature in 2009.
Since then, we have been helping many of our clients with foreclosure defense. Lenders are required by federal guidelines to consider mortgage modification, as a way of keeping homeowners in their homes. Sometimes a modification does not work, and the home can be sold to relieve the pressure of that debt. In other cases, a “short sale” can be arranged, so that the property is sold with a release of debt often greater than the fair market value.
The last five years have seen many homeowners “upside down” on their homes. Owning more than the home is worth, many consumers are trapped in debt they cannot pay, with homes they cannot sell.
In foreclosure defense, Mike Norris is able to demand through the court system a settlement conference to discuss new terms for paying a mortgage. This can ultimately lead to:
- a lower mortgage payment
- a lower rate of interest
- more years to pay
- rolling the past payments into the loan
Sometimes people will use foreclosure defense to give time for renegotiations, so that they can sell their home, persuade the lender to take a “deed in lieu of foreclosure”, or get the lender to agree to a short sale. In a short sale, the lender agrees to let the house be sold for less than is owed on the mortgage. This has become a more commonly used remedy in the last few years.
There are a variety of ways to protect property from foreclosure:
- foreclosure defense
- short sale
- deed in lieu of foreclosure
- mortgage modification
- Chapter 13 bankruptcy
Having trouble making your mortgage payments or facing a foreclosure is obviously a very stressful experience. And if you find yourself in that position, you need the right lawyers to help you. We will go over all the options available to you and do everything we can to save you from losing your home.
If you are “upside down” on your home (owe more than it is worth), or are behind on your mortgage payments, call Mike Norris today at (317) 266-8888, or email him at firstname.lastname@example.org.