New York Real Estate Mortgage Renegotiations Lawyers
During financially tough times like these, many individuals, families and businesses are finding it difficult, if not impossible, to meet the restrictive terms of a current mortgage. In New York, The Law Offices of Barbera & McElhone, PC offer legal solutions to save homes and businesses from foreclosure. Contact the firm for a free initial consultation.
As a real estate law firm with experienced, professional attorneys, Barbera & McElhone assists clients in finding solutions to their legal problems. The lawyers can streamline mortgage refinancing and renegotiation processes and will take care of all the details from contract drafting to closing.
Alternatives to Foreclosure and Bankruptcy
There are alternatives to bankruptcy when dealing with a shortage of funds available for mortgage payments. With new federal guidelines in place, options are available to consumers based on criteria such as credit scores, how far the account is in arrears and which bank the mortgage is through.
One option property owners have, when facing financial difficulty and an inability to meet mortgage obligations, is short sale. When clients know they are close to going into foreclosure and have no way to sell or to make the payments in time, the real estate attorneys at Barbera & McElhone can petition the bank to accept a short sale agreement. This allows the property to be sold for less than the value of the loan without holding the sellers liable for the shortfall.
Other options for preserving residential or commercial property are also available to owners, such as mortgage renegotiations. By allowing the attorneys to renegotiate the terms of a loan with lenders, clients can keep their same loans while obtaining modifications, extensions or forbearance agreements.
Complimentary Consultation
If you are facing the prospects of foreclosure, it is important to hire a professional attorney to save your home. As a full-service real estate law firm, Barbera & McElhone work with property owners, sellers, lenders and brokers to resolve real estate problems and to facilitate real estate transactions. Contact the firm for a complimentary consultation.
