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HOW CAN WE HELP Facing a mortgage foreclosures is scary, and it can be hard to make an informed decision to prevent it from occurring when under pressure. Make sure that you understand all of your options to stopping a foreclosure! If your primary goal is to keep your house, then you may want to consider a restructuring of your delinquency. However, if you know that you can’t afford to keep your house and are looking for a way to avoid a deficiency judgment and minimize damage to your credit, other options to preventing foreclosure are available. Restructuring Your Delinquency – If you can still afford your mortgage payments (in other words, your current income must be sufficient to meet your financial obligations) then a restructuring of a delinquency is the most effective method to resolving a foreclosure situation. If your delinquency was caused by a one-time event (i.e. illness, loss of job, financial mismanagement, death in the family) then this may be your best option. Deed in Lieu of Foreclosure – If you cannot afford your mortgage payments, we may be able to reach an agreement with the mortgage holder whereby you simply give back the house and stop the foreclosure process altogether. In this instance, the mortgage holder would agree to accept the deed as full settlement and cancel the remainder of the debt. Certified Legal Loans can help negotiate this option on your behalf. Sell the Property – If you have significant equity in your house, selling is a good option because it may allow you to stop foreclosure and walk away with money in your pocket. Where equity is limited (or non-existent), it can be difficult to sell the property because of the need to cover the mortgage and the other associated costs of a sale. This is especially true if you are working with a realtor since there is a realtor commission fee that will need to be covered as well. In some cases the mortgage holder may agree to a short sale. This means that the lender will agree to accept less than the full amount of the mortgage. This allows you to stop the foreclosure and avoid a deficiency judgment while the lender recovers the bulk of the amount due without having to pursue foreclosure proceedings. We can help negotiate a short sale for you that will bring you the most value for your home.