Can We Help You Avoid Home Foreclosure?
If you are behind on your mortgage payments and facing home foreclosure, it is important to be informed on the legal actions you can take — and the potential consequences of those actions. At Bankruptcy Law Group, PC, we can help you explore your options and decide if bankruptcy is right for you, or if you would be better suited seeking a loan modification, short sale or other option. We are focused on helping you achieve debt relief while keeping your home and other property.
Contact us online today to discuss your debt relief options. Our Sacramento short sale attorneys are here to help.
California Mortgage Modifications Attorney
If you are in danger of losing your home to foreclosure, you may wish to consider the following options:
- Short sales: A short sale is when a homeowner sells a house to a third party for less than the outstanding loan balance. If you are considering a short sale, it is important to be aware of potential tax consequences — you may be taxed heavily on the difference between what you owe and what the house is sold for.
- Deed in Lieu of foreclosure: A deed in lieu of foreclosure allows you to turn your house over to the lender while being relieved of the outstanding debt. Again, you may be responsible for taxes on the deficiency — the amount of debt that was relieved.
- Mortgage modifications: In some cases, it is possible to negotiate with creditors to modify the terms of a mortgage.
The tax complications involved in some of these options can be avoided by filing for Chapter 13 bankruptcy. While bankruptcy is not right for everyone, for many homeowners, it is simply the best way to keep their home while avoiding foreclosure, creditor harassment and other debt collection actions. Our lawyers can help you explore all of your legal options.
Schedule Your Free Consultation
If you need help saving your home from foreclosure, we are here for you. Contact us today to schedule a free debt relief consultation with one of our experienced California bankruptcy attorneys. We hold regular office hours and are available evenings and weekends by appointment. We have law offices in Sacramento, Fairfield, Redding and Reno, Nevada.
