When borrowers and lenders work together to prevent a foreclosure, both parties win.
Loss mitigation provides mortgage lenders and homeowners the opportunity to avoid financial losses associated with a foreclosure. A mortgage lender can avoid the significant costs resulting from the foreclosure process, while the borrower can work out a solution to retain their home or exit the property gracefully. With the help of a Weltman Real Estate Default attorney, you can reduce the number of accounts going into foreclosure – saving you valuable time and resources.
Our Services Include
Home Ownership Preservation Program
Designed to resolve accounts that are in the early stages of delinquency, this letter program aims to re-establish the line of communication between you and your borrower – the first step to ultimately resolving the delinquency.
When a loan modification is not possible, another option may be a structured repayment plan. This allows your borrower to cure a loan default over a short period of time - usually three to six months. Our experienced team of attorneys will prepare a forbearance agreement with terms acceptable to you and your borrower.
Deed-in-Lieu of Foreclosure
In some instances, it may make sense for a borrower to resolve their defaulted loan by transferring ownership of the property securing the loan to the lender. This eliminates the time and costs associated with foreclosure, and provides the borrower with a graceful exit. We coordinate the entire process from start to finish, including the title work, title conveyance documentation, and recording of the signed conveyance deed.
Nationwide Attorney Representation
We pride ourselves on the ability to service clients large or small, locally or across the country. Our real estate attorneys are licensed in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and Wisconsin. For matters outside of these states, we use our own thoroughly vetted and audited attorney network.