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Foreclosure Defense

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Published on Mar 8, 2012

Short Sale Negotiation
If you are "upside down" on your mortgage (owe more on your property than what it's worth), a short sale might be a good option for you.
Short sale is when your lender agrees to sell your home and accept an amount less than what you owe as a settlement.
This is a difficult decision, one that should not be made without discussing it with your attorney.
We can help you avoid any deficiency judgments that your lender may impose so you avoid any future liability.
Deed in Lieu of Foreclosure
As an alternative to foreclosure, a Deed-In-Lieu might be the right option for you.
A Deed in Lieu of Foreclosure is when the borrower voluntarily gives the property back to the lender in full satisfaction of the amount owed.
The lender will forgive the unpaid debt if they are unable to recover the full amount from the sale of the property and release the buyer's liability to pay back
the deficiency. The main benefits from going this route are that it relieves the borrower of the current home debt, it spares the borrower from foreclosure,
and it protects the borrower from deficiency judgments. An experienced attorney is a necessary for this process to avoid any liability in the future.
Debt Settlement
Most Americans are overwhelmed and struggling with too much debt. Debt Settlement is a negotiation with a creditor to accept a lower amount to
pay off than what is owed. If you are being harassed by credit card companies, collection agencies and other creditors, we have a variety of options that can
help you. It is not a simple process. Many collectors are much more willing to negotiate and reasonably settle when an attorney is involved.
We are very knowledgeable with debt collection agencies and know what they will accept in a settlement. We have the ability to negotiate with a
lender or collector successfully and get you the best outcome. Let us evaluate your financial situation to determine what the best option is to get you
back on track and out of debt.
Bankruptcy
Many of people today are struggling with debt and most of the time it seems like the creditors are holding all the cards and are in the drivers' seat,
but, this is not the case. Federal law gives individuals a legal, powerful weapon to use against creditors with The Federal Bankruptcy Code.
Both Chapter 7 and Chapter 13 have different advantages, depending on your situation. Bankruptcy can stop foreclosure, stop harassment,
stop repossession, all while discharging debt and giving people the chance to start over with a clean slate.
Chapter 7 wipes out debt. The law allows you to keep your home and personal property with certain exceptions.
Chapter 13 is a consolidation of debts that allows for a partial repayment of most unsecured debts. This is supervised by the Federal Bankruptcy Court
and is designed to stop foreclosures and repossessions while setting up a manageable repayment plan to pay off back mortgage payments while
keeping your home. You have to be approved for Bankruptcy and it is not for everyone but it could be the answer for you.
Bankruptcy combined with foreclosure defense could be very powerful and the best option for you. Let us help you. Getting a full understanding of your
situation will help us to establish if this is the best financial decision for you and your family.
Strategic Foreclosure or Strategic Default
Not everyone is forced into foreclosure. In current economic times, many homeowners and investors have lost a lot of value on their home or investment
property. This presents a difficult financial situation for the owner. There are times when even if you can afford your mortgage payments,
though a difficult decision to make, it may be in your best interest to choose to let your mortgage lender foreclose on your property.
People that are "upside down" on their mortgage (owe a great deal more on their property than what it is worth) are more likely to consider
strategic foreclosure or strategic defaulting since it may take many years for their property to regain its value. This option allows them to walk away from
a bad situation and start over without negative debt. While this will have a temporary impact on your credit score, most people who choose to go this
direction can restore their credit rating within just a couple of years. You need an attorney to navigate this strategy and perform a legal analysis to
help you mitigate further loss and make sure this is the best financial decision for you and your family.

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