Professional Representation from an Annapolis Foreclosure Defense Lawyer
Helping you protect your Maryland home
When you have an unforeseen financial hardship, you may have trouble making the payments on your home. The prospect of foreclosure can leave you feeling completely helpless. But at Klein & Associates, LLC, we have the experience and knowledge you need to protect your home, or help you sell it if that is the better option for you. We provide the individualized attention you deserve so we can develop a strategy that benefits your situation.
Strategies for foreclosure defense
To fight against foreclosure, you need an experienced attorney who understands Maryland law. We work hard to develop a plan that can protect you.
The first step is attempting to keep your home by adjusting your mortgage plan. We can help you do that through:
- Mortgage modification. If you can no longer afford to pay your current mortgage, we can help you negotiate with the bank for a loan modification. This is a permanent solution to relieve some of your financial strain. In order to be eligible for a modification, you must be able to show that you are unable to make your payment due to financial hardship, complete a trial period to show you can afford the new payment amount, and provide all the required documentation to the lender.
- Loan forbearance. A loan forbearance is for temporary relief. A lender can agree to either reduce or suspend your payments for a certain amount of time. You are free from the threat of foreclosure during this time period. However, at the end of the period, you must continue to make your payments, plus make the payments that you missed during the forbearance. This is a good option if your financial hardship is temporary.
If keeping your home is not realistic, we then work to sell your home to save you from the greater hardship of foreclosure. Your best options in that circumstance are:
- Short sales. In a short sale, a lender gives you permission to sell your home for an amount that does not cover the entirety of your loan. The benefit of a short sale is getting away from the burden of your mortgage. However, your lender may still try to collect the “deficiency,” or the difference between the amount you owe and the amount you sold your home for. The only way to ensure that you can avoid a deficiency judgment is to have it prohibited in the short sale agreement. Otherwise, the lender is free to file a lawsuit.
- Deed in lieu of foreclosure. When you give your lender the deed to your home in exchange for a cancelation of your foreclosure, it is called a deed in lieu of foreclosure. It is important to get in writing that the lender agrees to terminate foreclosure and forgive the deficiency. Before you enter into a deed in lieu of foreclosure, the bank will probably make you attempt to sell the home yourself first. If that doesn’t work, the bank will take ownership.
Our extensive experience in real estate and bankruptcy law makes our services essential during foreclosure proceedings. We can help you determine what course of action is best for your situation.
Protect your home from foreclosure with the help of our Annapolis law firm
If your home is in danger, contact an experienced foreclosure defense attorney at Klein & Associates, LLC. We represent clients throughout the Annapolis, Maryland region. Call us today at 443-569-4574 or contact us online to schedule a free initial consultation.