David L. Lash, Attorney

(216)464-9950

davidlash@lashlaw.net

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Options for homeowners through mediation include

Loan Modification

Agreed alteration of the mortgage note, giving the debtor a fresh start in managing the mortgage and bringing the account up to date. 

Consent Foreclosure Decree with Waiver of Personal Money Judgment

Homeowner agrees to a decree of foreclosure with the bank in return for the bank waiving its right to collect any money from the homeowner. 

Repayment Plan

Repayment of part of the delinquency each month until it is paid in full; the delinquent amount is typically added to the regular month installment for 12 to 32 months. 

Reinstatement

Payment of the total amount past due (including late fees, attorney costs, and filing fees). 

Loan Forbearance

Reduced payments for a specified period of time with the understanding that at the end of the time period, the account will be brought up to current status. 

Short Sale

A short sale allows you to sell the home for less than the total amount owed.  A short sale is when a lender is willing to accept a discount on the mortgage balance to avoid a possible foreclosure action or bankruptcy.  Instead of buying from the owner, the buyer purchases the property directly from the lender for a discount.

Deed-In-Lieu of Foreclosure

You may be able to transfer the property voluntarily to the lender.  In exchange for your voluntary transfer of the property, the lender forgives the debt or deficiency.  This will release you from personal indebtedness on the defaulted loan.  This option will not save the home, but it will help avoid a long legal process and may also improve your chances of obtaining a future mortgage loan.