An accounting and tax professional, Yuriy Shor began working at Freeman, Saxton & Associates, PC, in 2012. As a case negotiator with the firm, Yuriy Shor worked with mortgage lenders to adjust foreclosure terms, which helped clients keep possession of their homes.
Fighting a foreclosure is one of the many options a homeowner can choose when served with a notice. Using a qualified attorney, a homeowner charged with foreclosure can enter into legal proceedings in an effort to keep his or her home. Legal action must commence within 30 days of the notice, at which time the homeowner’s attorney obtains documentation showing negligent record keeping, attempted mortgage inflation, and other paperwork that serves as justification to overturn the foreclosure ruling.
During the litigation process, the homeowner is not required to make monthly payments. In addition, the homeowner can look into other options to help them financially, including making modifications to their existing loan, moving out, and selling the property.
Yuriy Shor is a case negotiator for foreclosed homes in Atlanta, Georgia. He outlines foreclosure statistics, like the following, for the prior year and looks ahead to 2013.
The states with the largest instance of foreclosure in 2012 were California, Florida, Illinois, Ohio, and Georgia.
1 in 728 homes filed for foreclosure in November of 2012.
Since 2007, the highest foreclosure rates have hit homeowners older than 75. In fact, from 2007 to 2011, the foreclosure rate for this demographic increased eightfold.
Looking ahead, bank regulators and 10 national mortgage companies, including Citibank, JP Morgan Chase, and Wells Fargo, recently reached an $8.5 billion settlement deal. Its terms state that the mortgage companies will pay $3.3 billion to homeowners whose foreclosures were not managed correctly. In addition, they will offer $5.2 billion in financial aid to homeowners who are struggling to meet their mortgages. This deal supersedes the Independent Foreclosure Review of 2011.
When facing foreclosure on a home, certain options are available to delay the process. Because both parties, the homeowner and the lender, have an interest in avoiding foreclosure, the odds of succeeding in postponing a foreclosure are good, especially with the right choice on what to do next. Possible options include:
1. Loan modification. Negotiating with the lender for partial payments, principal reduction, or trial payments during a specified period can stave off foreclosure. This is the best option for the homeowner, as it means keeping the home under reduced payment terms.
2. Short sale. In a short sale, the lender accepts payment for less than the value of the mortgage to transfer the home to a new buyer. Submitting a valid purchase and sale agreement can persuade the lender to postpone foreclosure.
3. Bankruptcy. Filing for bankruptcy might seem like something to avoid, but it is preferable to foreclosure. In some bankruptcy cases, it can even be possible to keep the house if the homeowner is current with mortgage payments. When considering filing for bankruptcy, it is advisable to consult with an attorney.
About Yuriy Shor: A graduate of Georgia State University, Yuriy Shor successfully postpones multiple foreclosures each month as a Case Negotiator at the Secure Law Center in Atlanta.