The recent changes in the real estate market have left many homeowners upside down. Mortgages exceed the fair market value. Equity lines of credit complicate matters. Many people can barely afford to pay their mortgage and cannot refinance because there is no equity. The monthly payments for some owners have adjusted up to a number that breaks the budget.
- Do we give up and leave the keys to the lender?
- If we lose the house, will the lender come after us for the unpaid balance?
- Do we have to pay taxes on the amount of the loan that the lender forgives?
- What about the new Making Home Affordable law?
This is a new area in the law. Mr. Tupitza was recently asked to speak, on this topic, at the Pennsylvania Bar Institute’s Annual Real Estate Institute held in the Pennsylvania Convention Center in Philadelphia. That the room was packed, underscores the importance of this emerging issue. Call us at 610-696-2600 for help with:
Loan Modification Agreements
Deed in Lieu of Foreclosure