|
|
|
|
|
|
 |
 |
Properties
in Foreclosure
In response to these difficult times, HLA has devoted an important part of its practice to assisting homeowners in distress. |
|
| |
Experience has taught us that foreclosure defense absolutely
indispensable in order to effectuate a short sale after
foreclosure proceedings have begun. There are two main reasons
for this fact:
| 1) |
Banks look for the path of least resistance and, where
there is no foreclosure defense, it is relatively quick
and easy for the bank to take the property back. As a
result, the borrower has very little leverage in
negotiating with the lender, and the lender has very
little incentive to cooperate with the borrower. By
contrast, with a strong defense in place, the banks will
see the lawsuit as an expensive and time-consuming
process and be much more willing to entertain
alternatives such as short sale or modification.
|
| 2) |
Once the foreclosure process has begun, the home is at
risk of being taken by the lender. Once the foreclosure
is finalized, the title to the home passes back to the
lender and the borrower has no ability to short sale or
modify. Nobody wants to waste time working on a short
sale that will never happen because the home is going to
be foreclosed. So, defense of the lawsuit is necessary
in order to prevent the foreclosure from becoming final
before we are able to consummate the short sale. |
Given these circumstances, HLA has worked out a special
foreclosure defense pricing structure for clients who wish to
short sale and whose property is already in foreclosure. We
provide two options from which to choose:
| Option 1 |
Option 2 |
• Monthly payment of $300.
|
• Fixed rate payment of $1,900 for the first six months,
with a second payment of $1,000 due on the six month for
the period of six months to one year, and additional
payments of $500 for each six-month period thereafter.
| • 1 – 6 months |
$1,900 |
| • 6 months – 1 year |
$1,000 |
| • 1 year – 1 ½ years |
$500 |
|
|
This is the best option if the client is confident the
property will sell quickly and the client wants the
property to sell quickly. |
This option is best when the client expects that the
short sale process will be lengthy. |
|
|
|
| |
|
 |
|
| Quick Facts |
 |
 |
| |
The
right solution to a
distressed property
problem depends upon the
objectives and
circumstances of the
individual. There is no
"one size fits all."
HLA provides free short
sale facilitation to
clients who select HLA
for their closing.
HLA does foreclosure
defense and loan
modification as a
third-party service
provider to other law
firms.
|
|
|
| |
|
| |
| |
|
| |
|
 |
|
|
|
|
|
|
