Have you refinanced your home to secure an equity line in the past? Previously, it was a common tactic to finance big expenditures such as an addition, home improvements, and even a child’s education with an equity line or second mortgage. However, since the market crash these types of liens have proved to be a lot of trouble for some homeowners under pressure of the current economy. If you have defaulted on your mortgage, are facing foreclosure, or trying to negotiate a short sale of your home, such lines of equity operate essentially as a “second mortgage” on your home. Contrary to what you may have been told when you refinanced, the result is that there is a second or third lien on your home which will need to be satisfied either through payment in full, or a negotiated settlement, before you can walk away from the property or even if you want to stay in your home.
You need an experienced advocate on your side to negotiate with the bank and get you the best deal possible. If you are experiencing financial trouble, the last thing you need is to be subject to constant collection calls distracting you from work and family life. We can field the calls for you, and work out either a lump sum payment to the creditor, or a payment plan to stave off the harassment and settle your debts. We understand if it were financially feasible for you to stay in your home you would, and it is not in anyone’s best interest to drag it out. By paying what you can to the creditor they benefit because they do not have to spend money to pursue you anymore. You get the advantage of resolving the debt for less than what you owe. If your house is underwater you may never get what you paid for it, let alone enough to satisfy the second lien. You are in a good position to negotiate and make the best of a bad situation if you make the most of it.
Give the experienced attorneys of Garmo & Kiste, PLC a call today. We have experience with the banks and collectors, and can negotiate the best deal for you whether it is a lump sum, a payment plan, etc. We can get you out from under this debt so you can have the fresh start you deserve! To retain Garmo & Kiste, PLC call us at (248) 398-7100 for a free consultation or contact us with a private message.
Mortgage and Equity Line Negotiation Michigan Attorney Law Firm
