Mortgage Foreclosure, Short Sale, Bankruptcy, and Deficiency
If you are facing any kind of foreclosure matter at
any stage, you have options. We can
carefully review those options with you:
Avoid Deficiency (Personal) Judgment - In mortgage foreclosure actions, short sales, and
deeds in lieu of foreclosure, the lender will attempt to obtain a deficiency
(personal) judgment against you. With
the deficiency judgment, the lender can pursue other assets you may own or seek
garnishment of your wages. It is a
common mistake that all parties, including the owner, involved in the
transaction often overlook the potential that the lender can obtain a
deficiency judgment against the owner.
In some situations, which can be difficult to obtain, we can negotiate
with the lender to waive the deficiency judgment against you.
Short Sales - We
can work with the realtor and lender to do a short sale which may be in your
best interest. Short sales operate by
selling the property when the amount of the mortgage is more than the sale
price of the property. One important
consideration is whether the lender will seek to obtain a deficiency judgment
against you. The use of short sale may
not result in lower credit score as if your property was foreclosed.
Deed in Lieu of Foreclosure
- Like a short sale, we can work with the lender to do a deed in lieu of
foreclosure. Again, a crucial consideration
is whether the lender will seek to obtain a deficiency judgment against
you. The use of a deed in lieu of foreclosure
is another mechanism to avoid damage to your credit score.
Affordable Mortgage Loan Modification - Whether you are receiving letters threatening
foreclosure or a petition for foreclosure from the lender, you may be able to
qualify for affordable mortgage loan modification. Qualifying for a loan modification is a
complex process; A process our office is familiar and a process we can navigate
Mortgage Foreclosure Defense - Among other options, we can file an answer to delay
the time needed for the lender to obtain a judgment for mortgage foreclosure on
your property and look for any error or mistake in the documents that will
allow you more time to seek alternate solution to foreclosure.
Real Estate Bankruptcy - Bankruptcy
is another option that can be used to delay foreclosure action. Additionally, owners facing threat of
foreclosure or other action often have substantial debts to the IRS and or State
that may be resolved via bankruptcy