IRVINE, CA, November 08, 2009
/24-7PressRelease/ -- Tim McFarlin is an Irvine attorney and real estate broker who developed a specialty practice helping clients facing the threat of losing their homes to foreclosure.
One of the ways to avoiding to foreclosure is with a forbearance agreement. This being when the mortgage lender's loss mitigation department usually does not take the borrower out of foreclosure at all, but rather simply causes the bank to "postpone" or "continue" the foreclosure sale until the payments are completely caught up. If the borrower does not comply with the exact terms of the forbearance agreement (a few days late, a few dollars short), the foreclosure sale will take place immediately.
Another way McFarlin helps to avoid foreclosure is with a short sale. Tim says, "There are many consumers in distress and many people to help; this practice area is in great demand. Many distressed borrowers are people who initiated loans through subprime lenders. What's happening now is a lot of folks don't have equity they were expecting, and can't refinance as they hoped. Often the best solution for these borrowers is a short sale to stop foreclosure".
A short sale is if and when the borrower cannot make the mortgage payments anymore and the bank then allows the property to be sold at a loss as opposed to having to go into foreclosure. With a short sale, the consumer typically doesn't have a foreclosure or a deficiency judgment. They will hopefully walk away with their credit mostly intact.
About McFarlin & Geurts LLP
McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California, and in some cases, throughout the United States.We practice in both state and federal courts in a variety of practice areas including both litigation and transactional matters. For further information, please contact us at (949)544-2643
---
Press release service and press release distribution provided by http://www.24-7pressrelease.com# # #
Other Press Release Headlines:
