Foreclosure Loss Mitigation
When property owners face foreclosure, both short and long-term goals must be compared to currently available “loss mitigation” programs and tax relief. Determining which programs are available requires identifying specific criteria of the loan, such as its servicer, investor, origination date, whether the property is commercial or residential, a primary or secondary residence, and more.
The client’s goals might include the following: 1) Stop the continued accumulation of debt; 2) Use current mortgage relief programs to obtain forgiveness of the mortgage debt without tax penalties; and 3) Obtain a final disposition of the foreclosure action as soon as possible so as to relieve financial and emotional stress and start re-building as soon as possible.
Whatever the client goals, New Jersey foreclosure attorney Nicole L. Voigt is experienced with loss mitigation strategies including deed-in-lieu, loan modifications, and short sales. When necessary, foreclosure defense is initiated and/or the Court-sponsored foreclosure mediation program utilized to mitigate loss.
Click here for a discussion of foreclosure loss mitigation strategies available to homeowners.