MORTGAGE MODIFICATION & FORECLOSURE EXPERTISE
At the Lyons Law Group, our clients come first. Every client is treated with courtesy and is guaranteed effective representation. Our expertise and integrity have earned us a reputation as one of the area’s premier legal firms.
1 Foreclosure is a process, not a thing. People often misuse the term “foreclosure.” Foreclosure is a series of events, not a state of being. Lenders don’t foreclose on homeowners; they foreclosure on property. 2 The foreclosure process has four phases. The terms and length of each phase vary by state. Homeowners: Your rights and options vary depending on the stage your home is in and the state you live in. Know what laws apply to you. Buyers: The stage and state will determine... (more...)
A short sale means that the property is sold for less than is owed to the mortgage company or bank. This requires the approval of the lender to accept less than is owed to pay off the mortgage. The mortgage company or bank may look to the homeowner to pay some or all of the difference between the sales price and the amount owed. If the property is investment property, which is anything other than the primary residence, the mortgage company or bank can issue a 1099 IRS return to the homeowner,... (more...)
A mortgage modification is the process whereby the homeowner negotiates with the mortgage company or bank to reduce their monthly mortgage payment. This is not a refinance, and does not affect the credit score of the homeowner. The process is typically handled by the loss mitigation department of the bank, and can be a frustrating process for the homeowner. A forensic review of the mortgage documents may be helpful in the mortgage modification negotiation process. Essentially, the mortgage documents... (more...)
A mortgage foreclosure is where the bank or lender starts a lawsuit by serving a summons on the homeowner. This is typically done with the homeowner is at least three months behind on their mortgage payments. The bank will file a foreclosure complaint against the homeowner seeking to accelerate the entire amount due on the loan and sell the property on the Court steps at a foreclosure sale. The homeowner typically has only twenty (20) days to respond to the summons and complaint. If the homeowner... (more...)