Foreclosure

The attorneys at Cameron, Gonzalez & Marroney help our clients plan and deal with the current economic conditions and how that has impacted their home mortgage. Many individuals, due to loss of jobs, reduced salaries, and/or adjustable interest rates, are having a hard time making the monthly payments on real estate they own. Lenders, faced with high numbers of borrowers who are behind on their payments and who are defaulting on their mortgage loans, are filing record numbers of foreclosures.

Borrowers who have received a notice of foreclosure from their lender must act quickly and seek the advice and counsel of an attorney. If this has happened to you, Cameron, Gonzalez & Marroney is ready to help.

Our attorneys have found that in many cases, though, lenders will work with borrowers to avoid foreclosure but you must be aggressive in dealing with the lender prior to their filing a foreclosure action. Lenders may agree to one of many different options that will work to your benefit: (i) a modification of the mortgage and loan documents that will provide the borrower with some time (60 days, 90 days, etc.) where the borrower does not have to make a monthly payment; (ii) a modification of the mortgage and loan documents that will reduce the interest rate being charged on the borrower’s mortgage; (iii) agree to a “short sale” on the property – this is where the lender will agree to a sale of the property for less than the amount the borrower owes the lender; and/or (iv) agree to accept a deed in lieu of foreclosure – the property owner deeds the property to the lender and the lender agrees to accept the property in “satisfaction” of the amount the borrower owes the lender. Cameron, Gonzalez & Marroney has experience in negotiating with lenders on behalf of our clients in all of these areas.