Real Estate Law

Loan Modification
A loan modification is effective when the initial teaser rate has expired, and the new interest rate explodes tot ten percent or more. The lender may be willing to extend the teaser rate for a few more years, keeping our client in the home while the lender collects a monthly payment. Smart lenders see this arrangement as better than collecting nothing from a vacant house.

Short Sale
A short sale is where a house is sold for less than what the lender is owed, and the lender agrees to release the property as security interest for that debt.

Deed in Lieu of Foreclosure
A Deed in Lieu of Foreclosure refers to the situation where the borrower places the keys on the kitchen table and walks out the door (or in the days of the drive through teller, hands the keys to the teller at the lending institution and drives away).