Ensuring Lenders Explore Loss Mitigation Alternatives
Did you know that if your lender received Troubled Asset Relief Program funds, it is obligated to try to work with you to identify possible loss mitigation options before filing a foreclosure lawsuit?
My name is Jeffrey A. Klein. At the Law Offices of Jeffrey A. Klein, located in Daytona Beach, Florida, I provide aggressive representation for people facing foreclosure. Serving the Central Florida area, I fight to save my clients' homes and negotiate with lenders on their behalf.
To ensure your lender considers adequate foreclosure alternatives, retain the services of a knowledgeable lawyer. Call my office locally at 386-492-9952 or toll free at 866-819-603 to learn how I can help you.
Purpose of TARP
Part of the Economic Stabilization Act of 2008, TARP allows the federal government to purchase troubled mortgages from financial institutions. The program was designed in part to protect home values and preserve home ownership. Fifty billion dollars were allocated for foreclosure relief.
Over 650 banks, lenders and mortgage servicers received TARP funds. Unless your lender is a local credit union, your lender probably received TARP funds and therefore is obligated to work with you.
What TARP Means To You
Treasury guidelines require all TARP fund recipients consider alternative foreclosure prevention options. That means if you are having trouble paying your mortgage and your lender received TARP funds, the lender must work with you to explore loss mitigation before filing a foreclosure lawsuit and seeking a judgment against you.
Hiring a foreclosure defense lawyer is a good idea. As your attorney, I will:
- Ask the court to force your lender to identify foreclosure alternative options
- Work toward a loan modification that is suitable for you
Free Initial Consultation With Knowledgeable Foreclosure Defense Lawyer
If you're facing a foreclosure, or are having trouble making your monthly mortgage payments, contact me online or call my office locally at 386-492-9952 or toll free at 866-819-6032 for a free initial consultation. For your convenience, evening and weekend appointments are available upon request.
