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For many homeowners in Rochester, NY, foreclosure is a terrifying prospect. However, foreclosure has some unexpected benefits, and attorney John D. Wieser Esq., PC can assist you in understanding all available options when it comes to your mortgage. His prowess in real estate law allows him to provide the following information, which illustrates the upside of foreclosure in certain situations.

A Chance to Start Fresh

During some market downturns, the amount you owe on your mortgage may exceed the overall value of your home. In this case, it might make more sense to walk away from your home as opposed to trying to keep up on a mortgage when strapped for cash. If you have less than 25% equity in your home, you might want to consider foreclosure as a means of a fresh financial start.

Modified Mortgage

foreclosureIn some cases, a lender may be willing to negotiate on your mortgage in order to improve their chances of recouping their money. Mortgage terms can be altered in this case, which typically entails extending the duration of the loan so that payments can subsequently be lowered. There are also loan modification programs available on the federal level, which will provide an incentive to lenders to decrease interest rates on home loans.

Improved Financial Management

Foreclosure can also improve management of your finances. Poor spending habits often lead to financial instability, which in turn can affect your ability to pay bills like your mortgage. Once foreclosure is on the horizon, you can take the necessary steps to improve your financial outlook by managing your money better. While it may take time, thoughtful spending will eventually dig you out of your financial conundrum.

Whether you need a solid criminal defense, have questions about bankruptcy, or require assistance with child custody, John D. Wieser Esq., PC has the skill necessary to handle even the most complex legal issues. Schedule a consultation today with this respected Rochester attorney by calling (585) 328-0660 or visit his practice online.  

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