Q & A

What are some of the terms I should know when considering my options?

A short sale
In order to get the home under contract most sellers will have to accept an offer that is under what they owe on their mortgage(s). The banks need to approve taking less than what is owed in order for the sale to be finalized. The Law Offices of Jill Pogach Michaels negotiates with the lenders to get that approval. We understand a complete negotiation includes the banks deficiency language. We want to know and address the bank’s intentions regarding the money they are not collecting at settlement.

Loan modification
A loan modification attempts to get the terms of your loan modified so the payments are more affordable.

Short Payoff/Settlements
We offer the 2nd and/or 3rd mortgage companies pennies on the dollar to settle in full and payoff those mortgages for much less than is owed.

Deficiency Settlements
If the deficiency terms were not discussed prior to the final agreement with the bank (especially in foreclosure) it is not uncommon for the bank to attempt to collect the full amount at a later date. The Law Offices Of Jill Pogach Michaels will negotiate with the lender in an effort to greatly reduce the amount the bank is attempting to collect.