If home-ownership is the American Dream, foreclosure is the American nightmare. But if you are reading this it means the news is good. You have survived the economic challenges of our time thus far… but maybe you are still struggling or worried.
If you are upside down in your mortgage, and almost a fourth of us in Buncombe County are, then you have to take a proactive posture and do something about it before foreclosure. If your lender forecloses on your home, you could lose not just your home but what is called a deficiency judgment as well. That means that if your house is sold under foreclosure for less than what you owe, you will still be liable for the difference.
Ex. If you owe $150,000 on your mortgage and the market value of your house is currently $100,000 if you are foreclosed on, you run the risk of losing your home and still owing the bank $50,000. Where is that money supposed to come from?
There are beneficial alternatives to foreclosure that you can take advantage of. Government programs like MHA (Making Homes Affordable), HAMP, (Housing Affordable Modification Program), HARP (Home Affordable Refinance Program), the PRA (Principal Reduction Alternative), as well as private-lender programs for Short Sale and loan modifications can help you no matter what your goal.
The government and many financial institutions are settling in to the task of recovery and embracing new programs designed to provide relief. If you want to stay in your home, or sell it and avoid the crushing weight of a deficiency judgment, there may be a program designed for what you need.
Unfortunately, mastering the labyrinth of available programs and reaching the right lenders remains a daunting task for the private home owner.
At the Law Office of Tony Fisichella, we have professionals trained in every facet of the process from eligibility to closing and we are here to help.
Call and talk to us personally. In less than ten minutes, we can let you know if it’s worth coming in for a free consultation and set you an appointment.