Foreclosures & Short Sales
What are foreclosures and short sales?
Foreclosures and short sales are procedures used by creditors. Foreclosure is a legal proceeding to regain property. A short sale is an arrangement with a lender to sell a house for less than the amount remaining on the mortgage. If you are behind on your mortgage or know that your ARM will be resetting soon and are worried about keeping your home, there are steps you can take to prevent foreclosure. Depending on your situation, loan modification, short sale of your home or filing for bankruptcy may be an option to stop a foreclosure and protect your assets.
For a free 1/2 hour consultation with our expert bankruptcy lawyer Contact Christie Lee Law Office today to know more about foreclosure and short sale or give us a phone call 209-910-5291
How do I avoid foreclosure, short sale?
Foreclosure and short sales can be avoided. Bankruptcy attorney Christie Lee can stop a foreclosure at any time up to the moment of the sheriff’s sale. The minute we file for you, any home foreclosure action stops.
For homeowners with significant equity in their homes, Chapter 13 bankruptcy may be the best option. Chapter 13. can reduce or eliminate credit card and other unsecured debts, freeing up money you can use to make your mortgage and secured debt payments.
Chapter 7 bankruptcy delays foreclosure for 60 days. This gives you an opportunity to get current on your mortgage payments while seeking a permanent discharge of your unsecured debts.
Call us if you want to know more about foreclosure and short sale.
Beside foreclosure, is short sale an option ?
Foreclosure and short sale are options. A short sale is an arrangement with a lender to sell a house for less than the amount remaining on the mortgage. Proceeds of the sale go to the lender, and the owner loses any equity they had in the property as well as any obligation they had to the lender for the mortgage and any second or third mortgage on the property.
Short sales are not easy to achieve. Many lenders resist this solution; some will not approve them at all. Ms. Lee has extensive experience negotiating short sales and loan modifications with lenders. She understands how to approach lenders in these discussions and will work to obtain the best outcome for you.
A short sales has a potential liability. Depending upon the specific details of your mortgage and your financial situation, you could face financial liability from creditors and from the IRS for any lines of credit, home equity loans or refinance loans (non-purchase loans) attached to your home.
You could face a tax liability even if you simply let the house go back to the lender through a foreclosure proceeding. The only way you can be sure to avoid any tax liability for a foreclosure or short sale is to file for bankruptcy.
How to lean more about foreclosure and short sale?
Learn more about foreclosure and short sale :
Federal bankruptcy court.
California bankruptcy court.
California bankruptcy court.
Bankruptcy court filings.
Bankruptcy court forms.
Want to find out more about foreclosure, short sale?
We give 1/2 hour free consultations – flexible scheduling
If you would like a free 1/2 hour consultation with our expert bankruptcy lawyer Contact Christie Lee Law Office today or give us a phone call 209-910-5291. Our office is conveniently located and open, 8:00am to 6:00pm. If you would like a weekend appointment, simply call and set one up. We are flexible with our schedule and most importantly want to get your problems resolved.
We have years of experience helping people file for bankruptcy under the US Federal Bankruptcy Law.
We primarily service clients in the Northern California region with our office in Stanislaus County. Many of our happy clients include residents from