Before you give up your home to foreclosure and you find your home is being auctioned off under neath you, make sure you know your options to avoid the foreclosing of your property. There is quite a few steps you can take if you find yourself in a tough financial situation and are in risk of losing your home.
Repayment Plan: Delinquent payments distributed over a period of time and added your current monthly payment.
Forbearance: Is a process that allows homeowners to pay less than the amount that is due, or the possibility of suspending payments entirely for a specific period of time.
Loan Modification: This option applies to the past due interest and escrow amounts directly to the unpaid balance and re-amortizes the loan over a new set term.
Short Sale: Lender allows the homeowner to sell the home for less than what is owed.
Deed in Lieu of Foreclosure: This option allows the homeowner to voluntarily transfer property back to the lender.
Bankruptcy: If you have other loans and unsecured debt such as credit cards, medical bills, etc that is making it difficult to pay your mortgage, you could file for bankruptcy but reaffirm your car mortgage and car that will allow you to keep them, as long as you remain current.
If you find yourself in a bind, we can help. Contact us today and we can help you find a solution.
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The tax law is very complex and you need to be sure you understand your rights and obligations when facing a short sale situation; Let us help you make this important financial decisions with an experienced attorney that specializes in short sale tax laws. Without informed and strategic support, you could end up waiving your rights and expose yourself to tax liability.
Short sales are taxed under the same rules as foreclosures, so any debt not satisfied with sale proceeds would be taxed as cancellation of debt unless you qualify for “tax relief.”
Tax relief, could be a major incentive to prevent foreclosure and pursue a short sale or bankruptcy. We offer FREE Attorney & CPA consultation that will help you decide the best option for you.
Tax exemptions are available for those who meet the requirements; Our attorneys will review your assets, debts and income to help you determine the best course of action.
(over 1,500 short sale approvals and settled over $150 million in mortgage debt)
FREE Attorney and CPA consultation (425) 605-7831 or email us using the form below.
If you have found yourself in a tough situation and are now facing a possible foreclosure, we are here to help you understand the process and determine your best course of action. The absolute worst thing you could possibly do is NOTHING.
We offer Free Legal and CPA Consultation to all of our clients, so delay no longer and act now.
Options on the table:
Time is running out and we are here to help!