Mortgage Loan ModificationsA loan modification is a permanent change of a lender’s loan terms. This can help the borrower to become current, potentially lower the mortgage payment, and in some cases reduce the principle. Compared to the expense of completing a typical foreclosure, loan mods are a preferred alternative to a foreclosure because of the reduced cost to both the lender and borrower. While a loan modification may sound easy, it can be a lengthy process that may involve increasing interest rates or lengthening the loan altogether. The Law Offices of Stephen K. Hachey has helped dozens of clients facing foreclosure stay in their homes through successful loan modifications.
Short Selling to Avoid ForeclosureEven if you don’t currently have any equity, you still can possibly sell your home through a process called a short sale. It’s a transaction that allows you to sell your home for a price less than what you currently owe on your mortgage, but only if your lender agrees to accept it. This process can be extremely time consuming and usually requires lengthy negotiation with the lender by a skilled short sale attorney. Tampa foreclosure lawyer Stephen K. Hachey works with lenders daily to negotiate short sales on behalf of his clients. He and his team can convince lenders that there’s more benefit in taking less than what is owed now, rather than foreclosing and trying to sell later.
Bankruptcy if There’s No Other SolutionAnother option is to file for bankruptcy. This allows you to restructure your debt and protect you from losing your home. By decreasing the total amount you owe to creditors or extending the time of your other loans, bankruptcy may free up additional cash flow and allow you to continue making your mortgage payments. The Law Offices of Stephen K. Hachey understands that many bankruptcies occur due to separation, business failure, health problems or mortgage-related distress. While bankruptcy seems like an extreme option for avoiding foreclosure, it’s one that can be utilized when debt has accrued. However, this decision should not be taken lightly and seeking expert counsel is always a good idea. Stephen K. Hachey can help you wade through the bankruptcy process and achieve a positive solution.
Tampa Florida Foreclosure Defense You Can Count OnStephen K. Hachey, an experienced foreclosure attorney, can not only help you determine your options, but he can advise you on the best course of action based on your unique situation. And with offices spread out across Tampa Bay, he’s available and accessible to begin defending you. We proudly serve Tampa, St Petersburg, Clearwater, Wesley Chapel, Brandon, Riverview, South Tampa and everywhere in between.
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Phone & Fax
Phone: (813) 549-0096
Fax: (813) 377-4968
The Law Offices of Stephen K. Hachey, P.A.
15619 Premiere Drive Ste 104A
Tampa, FL 33624
(By Appointment Only)