Real Estate Transactions: Short Sale & Deed in Lieu of Foreclosure
Is your home loan in default? Are you at risk of losing your home? If so, it is important to know that you are not without options. Sometimes, Chapter 13 bankruptcy simply is not an option and the best thing to do is to follow through with a short sale or deed in lieu of foreclosure. A California debt relief attorney can help you review your options regarding your potential foreclosure and can help you if you are considering a short sale or deed in lieu of foreclosure.
At the Law Office of J. Arthur Roberts and Associates, we are experienced in assisting clients who are facing foreclosure and can help. Headed by Attorney Joe Roberts, our firm serves California, including Los Angeles, Orange County and the surrounding areas from our Newport Beach office. When you are facing any complex financial issue, particularly one that can affect your financial future for the next 7 to 10 years, it is important to work with a lawyer you can trust. You will need a lawyer who is experienced in mortgage law and who can offer you the best legal counsel possible.
Short Sale Info: Avoiding Foreclosure and Bankruptcy
Do you owe more on your house than it is actually worth? If so, it is important that you look into the option of a short sale. This, however, is not a decision that should be made lightly. If you are considering a short sale, it is extremely important that no time is wasted in contacting a knowledgeable California debt relief lawyer who can walk you through this process and help determine whether or not this is the best option for you. If you do choose to pursue a short sale, you will essentially sell your home for less than you owe on your mortgage. This money will be given directly to the lender and will be used to satisfy the debt that you owe them. This can help you not only to avoid foreclosure entirely, but even in cases where you go through a Chapter 13 and still cannot afford mortgage payments, it can help you make a clean break.
All About Deed in Lieu of Foreclosure
In cases where a Chapter 13 bankruptcy or a foreclosure are not viable options, it may be worthwhile to look into a deed in lieu of foreclosure. During this process, you essentially surrender your claim to your house and hand over the deed to the mortgage holder. This means you can walk away cleanly and the mortgage holder is left with the house. As with all options, it is important that you talk to an experienced lawyer who will be able to review this with you to determine whether or not this is the correct option for you.