Huntsville Attorney Amy TannerA recent CNBC article reports that the number of delinquent mortgages is falling, however, the foreclosure crisis does not appear to be over. Banks are becoming more aggressive with their collection efforts on delinquent mortgages and are pushing hardworking homeowners into foreclosure at a rapid rate instead of offering modification programs.

Although, private banks, mortgage services and the government’s Home Affordable Modification Program have offered in excess of 1.8 billion loan modifications that reduce principal indebtedness and sometimes mortgage debt forgiveness, many of the recipients of this good fortune have fallen on hard times again and have defaulted on their modified loans. These homeowners end up in foreclosure even after all of their efforts to try and retain their home.

Some banks and mortgage servicers are agreeing to sign off on short sales of the properties in order to keep the homeowner out of foreclosure, however, this is not always the best answer for the homeowner. We advise all of our clients or prospective clients to seek legal and tax advice before entering into a short sale. Although, if appropriate, the short sale will keep a homeowner out of foreclosure, it still does not help the homeowner save their home and may result in tax ramifications.

If you want to keep the house that you have made a home and find yourself facing a foreclosure, or are simply delinquent on your monthly mortgage payments, you have options of which you may not be aware. Please call our office nearest to you and set up a free consultation  to discuss your situation with one of our attorneys. We can help you keep your home!


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Amy Tanner
Written by Amy Tanner

Amy K Tanner is a shareholder in several of the Bond & Botes Law Offices. She holds a Bachelor of Science from Auburn University at Montgomery, and a Juris Doctorate from Thomas Goode Jones School of Law. She focuses primarily on consumer bankruptcy law in the Huntsville and Decatur offices.Read her full bio here.

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