Loan Modification
A loan modification is a change to your current loan terms, by either lowering the amount that you owe, (Principal Reduction), or lowering the interest rate you are currently paying, (Rate Reduction) or both.

Short Sale
A negotiated sale of your home at a price below what you owe on your mortgage. The difference is typically forgiven by the lender.

Short Refinance
The refinancing of a mortgage for a new loan amount that is usually lower than the outstanding debt. The difference is typically forgiven by the lender.

Foreclosure
Millions of people are facing foreclosures in this country, and the numbers of new foreclosures filed continues to rise. Peace of Mind Properties can help you fight or avoid foreclosure proceedings. Whether you’ve just been served with a lawsuit, or the collections calls are getting out of hand, we can help you. Some attorneys will tell you that you just have to pay the bank or lose your home. They’re wrong.

There are Federal laws and state laws that protect consumers from unfair debt collection practices. Infractions of those laws actually create legal and financial liability to the collector that can be used to reduce debt owed. Banks make mistakes too, and those mistakes can help you in a mortgage foreclosure case. Each piece of paper in the stack that you signed when you purchased your home may contain bank errors that can get you more time to bring your payments up to date, or reduce or eliminate your debt.

A Deed in Lieu of Foreclosure is when the borrower conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.

Deed in Lieu of Foreclosure
The Deed in Lieu of Foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure. Another benefit is that the Deed in Lieu of Foreclosure is less detrimental to the borrowers credit. Advantages to a lender include a reduction in the time and cost of repossession, and additional advantages if the borrower subsequently files for bankruptcy.

• Mortgage Loan Modifications/Foreclosure Representation