Providing Answers to Your Mortgage Debt Questions
Due to job loss, overwhelming debt and increasing interest rates, more and more homeowners are struggling to stay current with mortgage payments. Not wanting to have a foreclosure stain their credit history, many are considering short sales.
If you are in this situation, contact the attorneys at Simon Resnik Hayes LLP. Our lawyers have helped thousands of homeowners in Southern California get past financial hurdles and take the first steps toward recovery. We can evaluate your situation and advise you about the best course of action to achieve your desired outcome.
What Is a Short Sale?
A short sale involves an agreement with the lender to sell a home for less than the amount remaining on the mortgage. The lender gets all proceeds from the sale, while the homeowner loses any equity in the property.
Short sales are complicated. It can be difficult to get lenders to agree to take a loss on a property. The bank can sometimes pursue the amount of the deficiency from the homeowner. Further, a short sale can result in painful tax consequences for the homeowner. Before you decide a short sale is right for you, talk to someone who can give you the straight facts.
A Chapter 7 or Chapter 13 bankruptcy will discharge any deficiency resulting from a short sale.
Experienced California Bankruptcy Lawyers
If you are interested in saving your home, filing bankruptcy may be an option. When you file either Chapter 7 or Chapter 13 bankruptcy, the court issues an automatic stay. Any foreclosure action immediately stops. This can give you some breathing room to figure out your next move. In a Chapter 13 bankruptcy, the past due amount can be repaid over three to five years without any added interest or penalties. You can actually cure your missed payments over 60 months!
Trust Simon Resnik Hayes LLP for Trusted Legal Advice
To avoid foreclosure and learn more about short sales, speak with our experienced attorneys. Schedule a free consultation by contacting us online or calling our office at 310-598-7365 or 888-368-4099. We maintain offices in Los Angeles and Sherman Oaks.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.