This is a process that you can accomplish at any stage of your ownership.  It is initiated by making an application to your Bank or any governmental program in effect, to change the terms of your loan.  At this time, Banks are reducing interest rates and extending the term of the loans to make the monthly payments less.

After communication is made and your application is processed, the Bank will advise whether they will modify and if so, the possible new terms of the modification.  Usually, the trial period requires the borrower to pay a low monthly payment for 3 months while the application is being processed.  Many people believe that the trial payment will be the final adjusted payment, but that is not true.

Many people spend much time back and forth with their mortgage servicer to modify their loan exchanging various financial documentation.  After review, the mortgage servicer will advise of whether they will modify and the new terms acceptable to the Bank.  Notwithstanding, these new terms may not be satisfactory to you.  At that time, you need to make an appointment to discuss your options.

Legal Representation to Modify Mortgage. This office represents homeowners and real estate investors in Court who

• have a defense to foreclosure action and want modification
• have grounds to sue their bank for Sub prime mortgage loans
• want to stay in their home; or retain investment property
• want the principal mortgage amount reduced with better terms
  
  

This is a legal process to satisfy the obligation you have with the Bank according to your Note and Mortgage.  Usually after about 3 months or more of non-payment, Banks will refer your matter to their attorneys to file a lawsuit.  The lawsuit papers will be personally served on you by the Sheriff or other authorized process server. You must deal with this immediately.  If you do not file the appropriate documents in your defense, the Bank’s attorneys will get an order from the Court to sell your house.  The house will be sold in about 1-3 months and you will be evicted if you do not leave.

Everyone who has been served has different goals with regard to their homes or investment properties.  Issues as to “deficiency judgment”, payment of taxes, insurance, HOA dues, tenants and more are common.

If you have been served with lawsuit papers, you need to make an appointment to discuss your options.

Short Sale is a term used when a property is sold for less than thee amount owed to the Bank. In order to complete a short sale transaction, the Bank must approve the lesser amount that it will receive.

Before or after a foreclosure action is started by the Bank, you may list your property for sale with a licensed real estate Broker or try to sell on your own. Since there are many documents and short sale transactions are complicated, having an experienced Broker and Attorney is almost necessary.

Once someone makes an offer to buy your property for less than you owe, the contract is prepared and signed by Seller and Buyer. Then your Broker or Attorney will submit the contract and complete documentation for short sale approval.

Many times the Bank will not accept the offer made and parties may have to negotiate the price. Usually, the Bank will respond to an offer within 60 days. A new law effective April 15th, mandates that Banks cooperate more to facilitate short sales. If the short sale contract is approved, the title company for the Seller will process the closing with the Buyer and Buyer's Bank.

The process of bankruptcy through the Courts is a mechanism to protect Sellers having foreclosure problems. It is the last option that should be exercised as it involves all your assets and liabilities not only your house and the mortgage due on it.

When you file for bankruptcy, you effectively transfer all the things you own to a Trustee who tries t sell them. It is the goal of the Trustee to sell the assets you own including your cars, accounts, jewelry and all other assets declared to have money to pay to the people you owe.

If bankruptcy is allowed, all your declared debts are discharged and you have no further obligations. You can only file for bankruptcy 3 times in your life and only within 7 years of each filing. Bankruptcy is an effective and immediate way to hold onto your house if a sheriff's sale is pending.

During the last 38 years, David Azar has examined and closed over thousands of residential and commercial real estate transactions.

All aspects of you sale or purchase will be coordinated with your real estate brokers, banks, and all other parties to ensure a smooth closing.

Unfortunately, people have controversies due to breach of real estate contracts. The Seller or Buyer may refuse to close title or there may be mattes involving title defects and liens. David Azar has substantial court experience litigating complex real estate issues.