Practice Areas

Blog

News

Library

Testimonials

• "I sent this letter certified after receiving the free guide [from] Phillips & Garcia P.C. Saved Foreclosure. Thanks a million!" A.D. from Colorado
• After seeing first hand what you are up against concerning the big banking companies, we are even more amazed that you are willing to fight the fight. The little guy needs your help and your fearless attitude. You are good people and true Americans. We are honored to be called your friends. R.R. - Mich., Lockout & Trashout Victim
• The attorneys were very professional and I felt as though they always had my best interest in mind. Without them I would have been pushed around and just another number to the bank. N.L., Wrongful Lockout Victim
• Thank you Mr. Phillips. If we hadn't found you the [Bank] would have foreclosed on our property and I can't imagine the misery that they would have caused. S.N. - Arizona

View All

Breaking Legal News & Current Events

Program Seeks to Reduce Foreclosures by Promoting Short Sales

April 5, 2010 - Washington, D.C. - Many struggling homeowners who want to avoid foreclosure are denied the opportunity for a short sale, another option available to those who cannot get a loan modification. Unfortunately, many banks and lenders have not historically cooperated with that option because it affects their bottom line.

According to The Washington Post, a new White House program will encourage lenders to offer a short sale to struggling borrowers, which may help bring down the foreclosure rate.

This program is an alternative to other federal foreclosure prevention plans which attempt to persuade banks to offer loan modifications. Many lenders and banks have chosen to not cooperate with those programs, leaving homeowners in the lurch or subjecting them to wrongful foreclosure.

For homeowners who can't get a loan modification, a short sale is often the next best option, as it doesn't lower someone's credit score as much as a foreclosure. Some lenders are hesitant to allow short sales as they lose money on the deal because they are required to accept a smaller amount than the original loan.

The new foreclosure prevention program rewards lenders for allowing short sales, which will ideally encourage lenders to be more open to the practice.

If your bank is refusing to cooperate with you on any of the federal foreclosure prevention programs, or they have sent you a foreclosure notice despite your being current with mortgage payments, you may need the help of an attorney.

The Massachusetts wrongful foreclosure attorneys at Phillips & Garcia will fight for your rights in your foreclosure case. We are committed to protecting your best interests and your family's home and helping you collect the damages you need and deserve to move on with your life. Contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.

back to top

Legal Help for Wrongful Foreclosure and Seizure in Any State.  Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lock-out and trash-out of a borrower's home.  We are licensed in Massachusetts and associate with a qualified attorney in your state. 

Videos

Contact Information

Free Book

FAQs