Due to the recent economic recession, more and more families are facing the possibility of losing their homes through foreclosure proceedings. At the Law Offices of Paul T. Marinoff, Ltd. we may be able to save your home. A defect in the foreclosure suit may be grounds for a successful foreclosure defense. Additionally, there are some potential alternatives to foreclosure our firm can assist you with:

Offer the Lender a Deed in Lieu of Foreclosure
If your lender agrees, it will accept a deed to your property and in exchange, promise to not initiate foreclosure proceedings or to dismiss them if they have already been initiated.

Short Sale
In a short sale, your lenders must agree to receive less than they are entitled to under the terms of the loans you signed so that you can sell your house for an amount that is short of what you owe. The main benefit of a short sale is that you get out from under your mortgage without liability for the amount of the loan that is left unpaid.

Mortgage Loan Modification
Mortgage modifications are designed to lower your monthly payments by adjusting the loan term, the interest rate, or the principal balance. 

Bankruptcy
Filing either Chapter 7 or Chapter 13 bankruptcy automatically stops foreclosure proceedings, which may give you time to consider your options. Additionally, Chapter 13 bankruptcy may enable you to incorporate mortgage arrears in your repayment plan so that you can catch up with your mortgage payments.