Real estate workouts are when the homeowner contacts the lender and explains that you have simply suffered a temporary problem and attempts to negotiate with them to allow you to pay the missed mortgage payments at the end of your contract or at higher payments.
Real Estate Workouts • Avoiding Foreclosure
Other real estate workouts are often possible, such as lowering interest rates for a short period of time, making partial payments, or catching up by making 1.5 payments rather than foreclosure. But, you must be aware that many mortgage companies take this as an opportunity to increase your payments or steal the equity you have in the property.
However, the FDIC Foreclosure Modification program is here. We can file an answer to your foreclosure to give you additional time to do a work out with your mortgage company or file a bankruptcy to help avoid or stop the foreclosure.
Although the collection department might not negotiate with you, they often will negotiate if you sue them back in the foreclosure. They will also sometimes negotiate if we send a pre-foreclosure letter explaining that we will fight to protect your rights to the property if they don’t avoid the foreclosure by negotiation.
A Workout Helps You Avoid Foreclosure
Workouts don’t always stop real estate foreclosures. But it can be very expensive for a mortgage company to file a foreclosure in a Kentucky Court. Therefore, Kentucky mortgage companies will do anything to avoid a foreclosure battle. This makes real estate workouts a good option for both parties to help avoid high costs.
However, if a real estate workout isn’t possible, Chapter 13 bankruptcy is nearly always possible to save the home.
Resources for Foreclosures
Other Related Information
Are you facing foreclosure? Then, call me now to learn how to avoid your real estate foreclosure. Nick C. Thompson, Attorney: 502-625-0905