Avoid or Stop Foreclosure
Avoid Foreclosure in Michigan
Millions of homes in the United States are placed in foreclosure every year. There are several steps a homeowner can take toward foreclosure prevention.
Loan modification and foreclosure prevention in Michigan
Loan modification is one way to prevent foreclosure. Such loan modifications essentially restructure your home loan to make it more affordable. Proactively seeking a loan modification can prevent a foreclosure if you can no longer afford the mortgage payment based on the current terms. However, a loan modification will be granted solely at the discretion of the lender. There are no laws that compel a lender to modify your loan.
Re-structure your budget to avoid missing mortgage payments
Many people find their budgets become unbalanced due to loss of income, increases with other expenses (day care, vehicle maintenance, etc.), increased credit card interest rates and minimum payments and increases to their mortgage payment due to an adjustable rate mortgage, escrow deficiencies, etc.
By proactively dealing with budget issues, you may be able to avoid missing mortgage payments and a resulting foreclosure proceeding. Depending on your budget and total debt, you may find that you need a debt elimination program like Chapter 7 to totally eliminate debt that is weighing down your budget and draining funds that could be used to maintain your mortgage.
Alternatively you can structure re-payment terms through Chapter 13 reorganization. The program automatically prioritizes payments to secured creditors such as your home or vehicle. Through the debt consolidation plan you are able to reduce other debts such as credit card and medical bills in order to keep your mortgage on track. The Chapter 13 program can also deal with increased mortgage payments due to an escrow deficiency for back taxes or homeowners insurance. We can reduce the payment back to the regular amount and deal with the escrow deficiency through an extended payment plan at 0% interest.
Call one of our experienced attorneys to discuss you budget and proactive ways you can maintain a balanced budget.
Know your foreclosure protection options
Many homeowners do not realize all of their options to avoid foreclosure. This is why it is important to retain experienced legal counsel before foreclosure proceedings are initiated.
Acclaim Legal Services provides the fast, knowledgeable foreclosure experience you need to answer any questions you may have regarding bank foreclosure laws. Our foreclosure defense attorneys gain a thorough understanding of your circumstances before providing qualified recommendations for your circumstances.
We offer free in-office or phone consultations to review your personal circumstances, analyze your situation and advise you on the best course of action. We specialize in bankruptcy law, debt resolution, foreclosure prevention and credit repair. We have offices in
