Q: What can I really expect from a loan modification?
A: Currently most loan modifications are a type of forbearance agreement. Most loan modifications do not involve a principal reduction. A homeowner must demonstrate a hardship that prevents them from making the required payment but does allow them to make a modified payment.  We explore all options for our clients so they know they are making the best choice for their unique situation.

Q: What are the consequences of letting the bank take back my home?
A: Depending on your situation you could face legal or tax consequences by going to foreclosure.  By working through an attorney you will mitigate the impact on your credit and an attorney can ensure that your legal rights are protected.

Q: I have reached the point where I am using savings to keep up with my mortgage payment, what are my options?
A: Every person's situation is unique,  a no charge consultation with one of our specialized paralegals can ensure you do everything possible to protect your rights and your assets.  Do not start consuming assets that you cannot replace to keep a home that may not be recourse to you or wait until your resources run out.  Find out about all your options.

Q: How long does it take for a lender to foreclose on my home after I quit making my payment?
A: Normally, 90 days after the borrower stops making their payment the lender can file for trustee sale of the property.  At the time of filing the homeowner will be notified that a trustee sale has been filed and they have 90 notice of this sale.  However, when an attorney is involved lenders will usually grant extensions as needed to facilitate the completion of a loan restructure or short sale.  If the lender is unwilling to make this concession litigation is an option.

Q: What is a Short Sale?
A: A Short Sale is where a homeowner sells a property for less than is owed. Our goal for our clients is to secure the best settlement in order to mitigate deficiency and credit risk. A Short Sale is most often better than a foreclosure and allows a homeowner to be a home buyer again sooner.

Q: What is a deficiency?
A: If a lender receives from a foreclosure or short sale funds less than what is owed that lender may be able to recover the difference in the form of a deficiency judgement. MMG can review your situation and analyze your deficiency risk and put together a clear strategy to mitigate that risk. Keep in mind, your deficiency risk today is not different than the day you purchase or refinanced the property. Let a qualified legal team assist you determining what that risk is.

Q: What if I get sued by my lender?
A: If sold your home in a short sale without an attorney involved, forced into foreclosure due to circumstances or your home equity lender has chosen to pursue you outside of a Trustee Sale you may be sued by your lender for deficiency. $375 and 10 sheets of paper and anyone can sue you. Just because you are served does not mean that you will owe a deficiency. Contact our offices immediately upon receipt of a summons as there is limited time to respond. Most times we can settle with your lender for a manageable cost.