The housing crisis has put a vast number of people behind in their mortgage payments or sent their homes “under water” through no fault of their own. Some homeowners are struggling to find way to stay in their homes, while others are finding it difficult to sell their homes and move on with their lives.
Through my legal practice at Andrew M. Cagen, Attorney at Law, in Providence, I offer foreclosure prevention services to clients throughout Rhode Island. I can help you to obtain:
- Mortgage modification. Lenders generally do not want to foreclose and will consider a modification of your mortgage, which may reduce the interest rate and sometime reduce the principal balance. Seeking a modification can be a difficult and bureaucratic process and my firm can help navigate it.
- Short sale agreement. Many homes have mortgage balances in excess of what they are worth, which makes selling them very difficult. My firm will help you obtain a short-sale agreement, in which the lender agrees to accept the net sales price in exchange for a discharge of your mortgage. There are many legal issues in short sales, such as whether you are going to be liable for the balance of the mortgage and whether you are going to owe income taxes on any balance that is “forgiven.” My office will advise you on these issues and attempt to obtain a resolution favorable to you.
- Superior Court relief. Sometimes homeowners have legal defenses to foreclosure. My office will review your mortgage, promissory note and other documents to determine whether you have such defenses and, if necessary, seek injunctive relief in Superior Court to stop the foreclosure.