Do you owe more than you are worth?
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We didn’t expect to be in this economic fix. We followed the lessons taught in our school. We took the advice of our parents. We followed the suggestions of our bankers and mortgage lenders. Our life patterns and ever increasing responsibilities allowed us to embrace the core values that we believed would make us succeed. But as the expression goes, "look at the mess we’ve gotten ourselves into now".
Trillions of dollars have been lost in home market values. Millions of families owe more on their homes than they are worth. Thousands of foreclosures actions have been filed. And the most telling statistic of all: each classroom in every school in America may hold at least one student whose family will lose their home. 
As the number of new clients seeking help from attorneys grows, we see the ravaging effects of economic chaos: sleepless nights, family break downs, business closings, lost jobs and savings. Simply stated, many of our neighbors no longer have the ability to pay their bills and are losing their homes. Should so many of our citizens have known better? Can so many people be wrong at the same time?
Without hesitation, loan modification and defending against foreclosure actions must be identified by our homeowners, lenders and elected officials as alternatives to a foreclosure sale. We see some signs of our economy "bottoming out" or even on a path to recovery. The reduction of debt and monthly payments loan modification brings allows families the ability to pay and remain in their house. The lender's asset remains protected and intact. Our neighborhoods and localities are preserved and continue to benefit from the avoidance of a foreclosure sale.
The courts provide special parts and rules for settlement conferences in foreclosure actions. When a summons and complaint is served, mortgage holders should not throw up their hands in surrender as if all is lost. There are counseling agencies available, and attorneys who will provide guidance to help save their client’s home.
Clearly, it’s not a case of "we should have known better.” We purchased our homes and refinanced to better our lives. Now we face these challenging financial times and we do know better. We know there are solutions with loan modifications and defending the foreclosure action.
These solutions do not happen automatically but require borrowers to work towards these goals. If you are in foreclosure or in financial distress that may lead to foreclosure action, find an attorney to help you work through your situation, preferably sooner rather than later. You can find alternatives to your dilemma, and when you do, you’ll sleep a lot better.
Nice and informational article. Thank you.