Solutions For Resolving Foreclosure Proceedings
What can you do if you're behind on your house payments and your lender is threatening foreclosure?
We provide a free consultation to determine which of the following options may be of most benefit to you-
Loan Modification:
You or someone on your behalf can negotiate with your lender for a modification to your loan that will result in a reduction in your monthly payment and/or principal. This is usually a borrowers best option to avoid foreclosure, if eligible. A loan modification is also desirable to a lender because a lender does not want your home and does not want to go through the foreclosure process. It is advantageous for a borrower to hire experienced attorneys to negotiate on their behalf. It is equally important for a homeowner to avoid hiring inexperienced persons and scam artists. Do not pay an advance fee to any person except an attorney. In most cases it is illegal for non-attorneys to charge you an advance fee. The attorneys at Buckey and Schurter have been practicing law for 15 years and are experienced in loan modifications and other debt relief strategies. See our Loan Modification Page for specific details on this option.
Deed in lieu of foreclosure
This is where a borrower signs a deed to the property and transfers it directly to the lender. The borrower may be required to pay the transfer tax to the county and may also the government income tax on the amount of the forgiven debt. A loan modification is certainly a better choice for a borrower because it will allow you to keep your home and salvage your credit.
Short Sale
A short sale is when your house is sold for less money than is owed to the secured lenders and each lender must approve of the sale. Short sales take a long time to complete, are time consuming, and difficult to negotiate. Lenders are usually reluctant to delay foreclosure proceedings unless the sale has already been approved by all the lenders, the closing date is near, and the new buyer is well qualified. More importantly, a short sale can result in tax ramifications to the borrower and lenders with recourse loans almost always reserve the right to seek a deficiency judgment against the borrower even though it approved the sale. A short sale has many down sides to a borrower and rarely results in much of a benefit to the borrower. However, a short sale is highly beneficial to real estate agents in the form of commission.
Bankruptcy
Bankruptcy is generally relied upon when other debt relief efforts fail. There are two primary types of bankruptcy available to consumers that allow debtors to discharge debts and/or repay debt through a repayment plan. Filing for bankruptcy has been complicated by more recent laws and may or may not be right for you. If you have a significant amount of credit card and unsecured debt Bankruptcy may be a good choice because all or most debt can be eliminated. On the other hand, foreclosure may still proceed during the bankruptcy proceedings and you may still end up losing your house and damaging your credit. At Buckey and Schurter we handle both bankruptcy and loan modifications and will give you an objective opinion as to what option is best for you. Please go to our site at www.RiversideBk.com for more information on bankruptcy.
Do Nothing And Lose Your House
In rare cases allowing the lender to foreclose is a viable option. In most cases hiding your head in the sand and doing nothing is a huge mistake. You will lose your house, damage your credit and you may still end up owing the government taxes and have lenders sue you. Buckey and Schurter will not charge you for an initial consultation where we objectively evaluate your situation and provide you with an opinion as to which debt relief option is best for YOU.
Call Buckey and Schurter Law Center for loan modification and debt relief: 951-278-2224