Law Offices of Robert E. Brown, P.C.
On February 20, 2011, the Staten Island Advance featured an article giving advice to homeowners who face the prospect of foreclosure. The advice is simple: If you find yourself in foreclosure, act quickly to seek help. At the beginning of a foreclosure, there are procedural mechanisms that slow down the process for the benefit of homeowners to find an appropriate exit strategy. In general, there are three exit strategies: 1. settling via a loan modification by reinstating the loan at a lower monthly payment; 2. selling your home outright or selling your home with the cooperation of the bank through a short sale; 3. voluntarily giving up your home to the bank via a deed-in-lieu of foreclosure while minimizing any further liability you may otherwise have toward the bank. Each of these exit strategies is preferable to losing your house at auction, and so it is to a homeowner's advantage to explore these exit strategies while they are still available.
John Brancato, who is the loss mitigator for the Law Offices of Robert E. Brown, P.C., observes, ""You have many more options in the beginning of the process than you do when you come to my firm two days before the [foreclosure] auction."
Bottom line for homeowners: Do not put your head in the sand if you suspect you are in foreclosure. Take action to mitigate your prospective loss, and seek expert advice.
See link below to Staten Island Advance article by Frank Donnelly featuring John Brancato. The article contains one error--John Brancato is the loss mitigator for the Law Offices of Robert E. Brown, P.C., not Ronald E. Brown.