We assist Virginia homeowners facing some of the most uncertain financial times in over 80 years! We negotiate loan modifications, short sales, ‘deeds in lieu’ and other cutting edge legal outcomes that are better for our clients than foreclosure. Our law firm is specifically qualified to address the legal needs of homeowners that are suffering as a result of the mortgage and housing crisis.
Although lenders do not like to admit it, the law of contracts has always made an allowance for major disasters that can undermine the basis of a bargain. The current economy has pushed many households to the brink of such a disaster that will not allow ‘business as usual.’ Many borrowers have suffered a major loss of income or drastic loss in value in their homes which lenders can no longer afford to ignore. It is at times like this that a skilled, experienced legal advocate can level the playing field in a homeowner’s battle to get relief from oppressively high mortgage payments.
A loan modification is a change to a loan contract agreed to by both the lender and the borrower. The lender modifies an existing loan to help the homeowner in a time of documented, involuntary hardship and to avoid the financial losses that both lender and borrower suffer in foreclosure. Usually loan modifications come in the form of either a permanent or a temporary interest rate reduction. Other relief for the homeowner may come through a forbearance, i.e., allowing the payments for a period of time to be missed and added onto the end of the loan term.
If your home is worth less than you owe your mortgage company, a ‘short sale’ might be the answer to your problems. When working with Real Estate Legal Services you will benefit from a network of professionals who specialize in short sales and loan modifications and helping you get a fresh start financially.
Anyone who has tried to initiate a short sale will quickly find that it is a tedious and confusing process. Banks require in excess of 70 pages of paperwork to even begin considering your home for a short sale. If that doesn’t make a short sale hard enough, try calling your mortgagor to get some answers about distress relief. All you have to do is imagine three months at the DMV to grasp the bureaucratic complexities of big banks.
A short sale professional can provide tremendous aid and peace of mind to a homeowner in a distressed property. Moreover, some non-attorneys may work hard to acquire an equal knowledge of real estate law to that of a real estate attorney, but you simply cannot isolate real estate issues away from all areas of the law! Almost as important to a short selling seller as a negotiator knowledgeable in real estate law is an advisor who understands contract law, bankruptcy law, creditor’s rights and the Fair Debt Collection Practices Act, administrative law and how to deal with governmental bureaucracy in such places as the VA, FHA, FNMA, FDMC, etc.., landlord – tenant law, constitutional law, foreclosure law, and a host of other areas of the law.
Anytime someone considers hiring an attorney, fees are a major concern. However, Real Estate Legal Services is compensated by the banks to facilitate successful short sales on the homeowner’s behalf! For a price that most attorneys would charge for one or two hours of their services, you can have representation for the entire short sale process (an average of 3.5 months). Real Estate Legal Services will walk the homeowner from start to finish; we’ll even conduct the short sale closing for no cost to our clients. There’s really no excuse not to consult a professional regarding the short sale of your distressed property.