According to an article in the Washington Post published August 1, 2012, federal mortgage regulators have slammed shut this potential avenue for homeowners. The entire article may be read here: http://www.washingtonpost.com/business/economy/fannie-mae-freddie-mac-wont-be-allowed-to-reduce-loan-balances-for-troubled-borrowers/2012/07/31/gJQAEClCNX_story.html?hpid=z4
In eastern Pennsylvania where the attorneys of Amori & Associates practice, this scenario is far too common. The vast majority of mortgages are backed by the federal government through Fannie Mae and Freddie Mac, and the possibility of a homeowner being able to negotiate a reduction in their mortgage principal balance to save their home from foreclosure appears unavailable.
What does this mean for many homeowners with mortgage balances that far exceed the value of their homes?
Negotiated mortgage modification agreements may still be sought with your lender. Mortgage foreclosure actions may still be defended in court. Chapter 13 Bankruptcy relief may still be an option. But the possibility f having your mortgage balance reduced to the present value of your home is not available. The experienced mortgage foreclosure and bankruptcy attorneys at Amori & Associates can assist you with these processes, and now, more than ever, knowledgeable legal representation is a must if you are trying to keep your home from foreclosure.
Please contact the attorneys Scott M. Amori, Matthew A. Schmidt and Victoria A. Strunk at Amori & Associates, LLC at (570) 421-1406 for a no obligation consultation with one of our attorneys to help you save your home.