Foreclosure May Not Be Necessary
Foreclosure is one of the scariest things that can happen to a homeowner. Inflation and fluctuations in the real estate market can increase monthly mortgage payments to unpayable levels. This is where Attorney Seth McCormick of Great Lakes Consumer Law comes in. Armed with extensive knowledge of debt collection practices, Seth makes sure his clients explore all options before facing the foreclosure of their home.
Some lenders may try to convince the borrower that foreclosure is inevitable with harassing phone calls and aggressive debt collectors. Great Lakes Consumer Law is fully equipped to address these violations of law and with an aggressive legal advantage that focuses on the consumer’s personal rights.
How Foreclosure Avoidance Works
To avoid foreclosure, Seth’s detailed process helps homeowners explore all their options and leads them to an acceptable resolution. This begins with Seth explaining a homeowner’s mortgage rights during a free initial consultation. Then, we will gather and review financial information like monthly expenses, income, reinstatement options, late fees and any other relevant clauses in the mortgage documents. With this information, Seth can accurately assess his client’s options and explore a legal defense to avoid foreclosure.
The following defenses may help a homeowner avoid foreclosure and keep their home:
- Loan modification: Some defenses work toward a permanent change in the mortgage by reducing monthly payments, extending the duration or decreasing the interest rate.
- Refinancing agreement: This option is for those anticipating a foreclosure battle soon. These homeowners may qualify for a new loan that offers reduced monthly payments and protects their credit.
- Repayment plan: If a homeowner’s financial difficulties are only temporary, they may be able to secure a forbearance agreement that suspends or reduces payments for a limited amount of time.
There may be other options available depending on a person’s specific circumstances. Seth is ready to take on any challenge for the sake of consumers.
What will foreclosure do to my credit?
The stated intention of a credit score is to calculate how likely a person is to go more than 90 days late on a payment. Because a foreclosure on a home is often a massive asset, you have significant implications. Your credit will suffer. According to some sources, your score may decrease by around 100 points.
Keep The House A Home
Homeowners facing financial difficulties with housing costs and loans can call Great Lakes Consumer Law now at 312-815-6540. Seth is ready to protect vulnerable families and keep their homes safe.