Regardless of the reasons, it is important to know that if you want to save your property, your credit and maybe your home, there are alternatives to foreclosure or having to sell pre-foreclosure.

Below, Real Estate Attorney John Reno tells us about his services concerning Forbearance Agreements and Loan Modifications...

Dear Sir or Madam: This is to describe some of the services that we offer for home owners facing foreclosure. Forbearance Agreements Some banks will put a hold on (“forbear”) the foreclosure in an attempt to help you catch up. After submitting a complete financial disclosure, they may allow the home owner to resume their normal monthly payment and pay something extra to catch up on the arrears. (The bank often requires a lump sum payment towards the arrears first, sometimes as much as 50%.) Modification Agreement This works better for home owners who can’t afford to resume the prior monthly payments plus an extra payment for the arrears. Sometimes, the lender will waive the arrears or apply the arrears to the “back-end” of the mortgage or some combination of the two. Also, lenders will some times lower the interest rate. This requires a modification or restructuring of the loan. A complete financial disclosure is also required (tax returns, pay stubs, list of expenses, etc.) We charge an initial non refundable retainer fee of $500.00 for correspondence with the lender and preparation of the financial disclosure. If our efforts are successful, the total fee is one percent (1%) of the mortgage. Very truly yours, John A. Reno

If you are interested in Mr. Reno's services, please e-mail your name, location and contact information with a brief description of your situation. Thank you.