Negotiating With Your Mortgage Lender
When you are behind on your mortgage payments or a foreclosure action has been filed, your lender has a few options. One of these is called "loss-mitigation." Loss-mitigation (also called foreclosure workouts) is a negotiation process between you and your lender.
Under this negotiation process, you have a few foreclosure options as a homeowner:
- Forbearance agreements
- Mortgage loan modifications
- Reinstatement plans
While workouts can work for borrowers, if your work-out plan does not succeed, you may have only days to stop a foreclosure. It is not enough time. The best way to truly protect your home is to contact Ryan J. Ruehle as early as possible about your foreclosure options.
Understanding Your Foreclosure Options
Our law firm has three convenient locations — a main office is in Cincinnati as well as an office in West Chester and one in Northern Kentucky — and can help you understand your foreclosure options. Our founding attorney, Ryan J. Ruehle, is open to discussing all options with you. Additionally, his experience comes from working as a creditors' rights attorney so he knows what the other side requires.
You may face other challenges besides being behind on your house payments. While the options above are available, most people have other problems besides being behind on their mortgage payments. And participating in loss mitigation programs will not stop foreclosure.
Avoiding Loss Mitigation Problems
Many people are misled into believing that because the loss mitigation department is "working" their case that the attorneys prosecuting the foreclosure have stopped. In truth, the mortgage company's mitigation/workout department usually has no lines of communication with the foreclosure attorneys! While you are trying to work things out, foreclosure lawyers may be aggressively preparing a case against you. Valuable time can be lost.
Keep in mind things don't always run smoothly with the loss mitigation program. They may lose your files, you may speak with a different person each time you call and/or you may start too late to actually prevent foreclosure on your home.
That is why it is critical that you have an attorney on your side early in the process; someone who can help you understand all your foreclosure options while protecting your interests. Contact Ryan J. Ruehle by calling (513) 777-0880 (Ohio) or (859) 331-7867 (Kentucky) or by simply completing our online contact form.