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. 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. However many mortgage companies take this as an opportunity to increase your payments or steal the equity you have in property. The homeowner should always be warry.
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 may 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.
Helping You Avoid Foreclosure
Workouts don’t always stop real estate foreclosures. But it can be very expensive to a mortgage company to file a foreclosure in a Kentucky Court and most Kentucky mortgage companies will do anything to avoid a foreclosure battle. Real estate workouts are a good option for both the mortgage company and the home owner to avoid the costs of foreclosure. However, if a real estate workout is not possible, a Chapter 13 bankruptcy almost always is possible to save the home. If you are stuck in a foreclosure see us to avoid your real estate foreclosure.