Legal Help For Property Owners In Mortgage Arrears
During the pandemic, many homeowners and small businesses received government assistance to help them keep their property. But now those stimulus checks have dried up, forbearance agreements are expiring, and federal and state moratoriums on foreclosures and evictions have lifted.
If you are facing foreclosure or want to catch up on your mortgage before your lender takes action, DeBlasis Law Firm, LLC, may be able to help. Attorney Rick DeBlasis has 40 years of experience with real estate, bankruptcy and creditors’ rights, chiefly from the lender side. That background can be your advantage in working with mortgage lenders or fighting to keep your home or commercial property. He can anticipate their moves, keep them honest and help you take proactive steps to keep foreclosure at bay.
We represent homeowners and businesses in Ohio and Kentucky with both residential and commercial mortgage solutions. Call our Cincinnati office today at 513-540-1024.
Pursuing Your Possible Defenses
Foreclosure and eviction actions are often brought by law firms that don’t handle litigation. When the foreclosure action is challenged, mortgage lenders turn to trial lawyers like Rick DeBlasis who know how to enforce the lender’s rights to foreclose and evict. That experience works both ways. From many years of foreclosure litigation, Rick knows how to defend foreclosure actions. He is well versed in the Truth in Lending Act (TILA), the Real Estate Settlement Procedures Act (RESPA), the Fair Debt Collection Practices Act (FDCPA) and other regulations and consumer protections pertaining to mortgage loans and collection actions.
Mr. DeBlasis will examine your situation and what led to the default as well as your possible defenses. Lenders were so overwhelmed during the pandemic that many took shortcuts or allowed important details to fall through the cracks. For example, when lenders granted a forbearance agreement (a timeout from mortgage payments), they may have failed to give 30 days’ notice that the agreement was expiring or sent the notice to the wrong address. They may have failed to credit mortgage payments you made or incorrectly charged penalties and interest. Sometimes lenders cannot even produce the original mortgage paperwork, as when the loan has been resold several times.
Exploring Other Mortgage Solutions
If the lender did everything by the book, we can look into other options such as:
- A new forbearance agreement to buy more time to catch up on mortgage payments
- A loan workout to adjust the terms of the mortgage, such as extending the loan on the back end
- A debt repayment plan under Chapter 13 (homeowner) or Chapter 11 (business) bankruptcy
- Deed in lieu of foreclosure (deeding the property to the lender in exchange for canceling the debt)
- Short sale (an agreement with the lender to sell the house at a loss and forgive the remainder of the loan)
Aside from losing your residence or place of business, foreclosure is a black mark on your credit and you may still be on the hook for the mortgage arrears. We will make every effort to avert a foreclosure if possible and negotiate the most favorable terms.
Lender Services For Distressed Mortgages
Rick DeBlasis still serves many mortgage lender clients in Ohio, Kentucky and nationwide. He provides the full palette including commercial foreclosure litigation, creditor representation in bankruptcy adversary proceedings, and defense against borrower lawsuits via the Consumer Financial Protection Bureau.