It is difficult to work something out with a lender especially if they have already filed for foreclosure. However, sometimes it does help to have an attorney represent you and negotiate with opposing counsel. Many times a workout can be accomplished without having to file for formal mediation. Sometimes, the bank is stubborn and will not work anything out. Therefore, it is imperative to have an attorney fight for your rights and defend action. Many times clients ask if the bank will consider a deed in lieu or short sale while the bankruptcy is pending. The answer is typically, no. However, it does not hurt to ask and if there are hurdles and roadblocks in the foreclosure suit, that may give you the leverage you need to accomplish this goal.
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