Volume 3, Issue 7 The Traut Firm eNewsletter Mar 2009 www.trautfirm.com
It's Your Home - Not the Banks!
You have a number of options and a consultation with a Traut Law Firm representative will educate you on the programs in place to help you renegotiate the terms of your mortgage loan. We understand the legal aspects of loan modification and loss mitigation. The current state of the mortgage industry is forcing banks and financial institutions to work with financially distressed homeowners and we have the experience and legal understanding to make sure you are given a fair deal based on your current loan terms and your current financial situation.
Loan modification is a process in which banks work with you to renegotiate the terms of your existing mortgage loan to provide terms that will allow you to continue making payments at a level you can afford. A successful loan modification will stop foreclosures, reduce your interest rate, reduce principal balances, lower your monthly payments and reinstate the loan as current and in good standing, allowing you to keep your home and get a fresh start. Banks are in a position to work with you and Traut Law Firm will ensure you receive the fair and favorable terms you deserve in your loan modification agreement.
Many mortgage loan contracts contain serious violations of state and federal law. According to the Truth in Lending Act, even the smallest failure on the lenders behalf to fully and honestly disclose the terms of your loan agreement may nullify the terms of the agreement. Traut Law Firm will provide legal expertise in the area of mortgage contract law to provide you with a forensic loan audit that will expose everything from minor errors and omissions to cases of blatant fraud and predatory lending practices. Mortgage loans in violation of the Truth in Lending Act cannot legally be foreclosed upon and as the holder of an illegally written mortgage loan, you will have the right to take legal action.
In a devalued real estate market, many homeowners face situations where they owe more than the property will bring as a result of a sale on the open market. A short sale is an agreement with the bank to sell the property at an amount that falls short of the existing loan balance. The proceeds of the sale are paid to the lender with an agreement that satisfies the terms of your loan, freeing you from the obligations of your existing mortgage. The process stops foreclosure and protects your credit allowing for new start.
A Deed in Lieu of Foreclosure agreement is another option to assist homeowners with delinquent mortgages while stopping foreclosure proceedings. Under a Died in Lieu of Foreclosure agreement, you transfer ownership of the property directly to the lender. All your past due payments and the balance of the loan will be discharged. You will not keep your home but you will get out from under a bad loan, protect your credit and get a fresh start.
Traut Law Firm provides consultation and legal representation to homeowners struggling to meet the demands of their current mortgage. We are experts in loan modification and loss mitigation and will help you find a solution to the financial challenges you face under your current loan agreement. We help homeowner’s renegotiate the terms of their mortgage providing manageable monthly payments and a fresh start with your lender.
To get started now, call our toll free number: 866.370.9640.
The Traut Firm
"When You Mean Business"
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