Are you behind on your mortgage payments?
Have you previously been turned down for a modification?
Has your rate adjusted or adjusting soon?
Do you owe more than your home is worth?
Have you been told you can’t refinance?
Enduring a hardship that causes financial difficulty?
Concerned about foreclosure?
Cogburn Law Offices
Cogburn Law Offices in Reno can help a struggling homeowner with a variety of options. As your attorney, Cogburn Law Offices can assist with Loan Modification, pre-forclosures, real estate short sales, and foreclosures. Our Reno team can help you make the best decision after considering all of your options.
The most common options are:
A Loan Modification is typically the best option for our Reno Customers. Cogburn Law Offices will assist you in supplying the appropriate information to your lender to negotiate the appropriate measures to modify the term(s) of your mortgage. Our loan modification negotiation staff will apply proven strategies in order to secure a fair and beneficial loan modification from your lender. This could lower the interest rate, lower the principal balance, and/or extend the term of the loan resulting in lower payments.
Cogburn Law Offices can negotiate a Short Sale with your lender. In a shortsale you sell your home below the amount owed, but with your lender’s approval. A short sale will allow you to avoid a deficiency judgment. The short sale is a great option when you do not want to stay in your home or simply can’t afford to stay in your home.
Deed in Lieu of Foreclosure
At Cogburn Law Offices in Reno we consider deed in lieu of forcosure an option of last resort. If you have incurred a long term financial hardship and your house has been on the market (at fair market value) for at least 90 days, you may be eligible for a deed in lieu of foreclosure. To be considered for this option, you must complete a financial package and provide a copy of your recent active listing agreement. Also, there cannot be any additional claims or liens (other than the mortgage) against the property. If you are approved for a deed-in-lieu, you will be giving up all rights to the property and the property will be conveyed to your investor. In exchange for the deed-in-lieu, the lender may waiver all deficiency judgment rights. Normally you may be asked to participate in a Short Sale program before a deed-in-lieu of foreclosure is accepted.