Your Lender plays an important, if not crucial role, in this Pre-Foreclosure Process.
Your executed loan documents at the outset of the loan origination, whether a Mortgage or Deed of Trust created a Security Interest which affords the Lender the right to start foreclosure proceedings on your property in the event of non-payment.
Your loan documents will guide some elements of this sensitive process; as well as, the foreclosure procedures in the applicable jurisdiction.
We can assist at every step of the way.
Timing and good communications will have a predictable impact on your ability to participate in an effective pre-foreclosure process that will lead to a result that allows an over-burdened taxpayer who is facing the loss of a valuable asset; the loss of their equity; and, then, the compounding new reality of a taxable event generated by the relief of debt.
Your Lender’s willingness to participate in the Pre-Foreclosure Strategy by accepting the property “deed in lieu of foreclosure” may require that you waive your “right of redemption” in certain jurisdictions; but a concession that has particular merit under these circumstances.
There are solutions available; but this must be executed like a close order military drill by all parties.
While your relationship with your Lender may have felt adversarial from-time-to-time in the recent past, now is the time to cultivate as cooperative an environment as the situation may allow.
Your ability to successfully produce an acceptable result depends on a new cooperative spirit in tone and practice. Your able counsel can guide you through this process. ForecloseWithEase.com can assist by crafting a Pre-Foreclosure Strategy that all parties can sign off on.
Our laser-focus is crafting a Client-specific solution for you in a situation in which a thoughtful, well-executed plan is crucial.