Woodland Hills Foreclosure Defense Lawyer
Helping Clients Avoid or Recover From Foreclosure
Missing one or even two mortgage payments can rack up a significant amount
of debt, but it’s unlikely that your lender will seek foreclosure
as long as you can stay current and quickly pay off your arrears. In most
foreclosure cases, the lender didn’t begin the process until the
borrower was at least three payments past due. If the bank intends to
seek foreclosure, you may have ample warning in the form of calls and
letters from the lender seeking payment or warning you of its intent to
foreclose on your property.
Should you find yourself threatened with foreclosure by your lender,
JM Law Firm, APC can help you stop it in its tracks by filing for
Chapter 13 bankruptcy or seeking relief through a short sale. Both of these legal
and financial tools require the experience and skill that JM Law Firm,
APC’s attorneys offer.
When we opened in 2008, it was the beginning of the housing marketing collapse.
Our foreclosure protection and relief attorneys in Woodland Hills were
there to help people seek solutions to protect their homes or get free
from their mortgage obligations. Just as we did then for people in situations
like yours, we can offer assistance now when you are having difficulty
affording your home.
Contact JM Law Firm, APC online or call
(818) 696-4443 to arrange a free consultation with a foreclosure defense attorney in
Woodland Hills. Se habla Español.
A Short Sale Can Relieve Obligation to a Mortgage
If you’re a homeowner who is having difficulty affording your mortgage,
a short sale can help you free yourself from debt. Also known as a pre-foreclosure
sale, this strategy can help you sell your home for less than the value
of the mortgage to satisfy your debt.
This differs from a foreclosure because the sale is largely on your terms,
although you’ll need to get your lender’s approval before
you can put your house on the market. It’s not a perfect solution
when you’ve encountered financial hardship, but it’s a way
to get out from underneath a mortgage you can no longer afford.
This is important because an actual foreclosure can have negative consequences such as:
- Eviction from your home
- Loss of all equity you may have created
- Significant damage to your credit
- Difficulty finding a new place to live
- Owing a deficiency balance
Bear in mind that you are unlikely to see any cash in a short sale. Because
your home is sold for less than the value of your mortgage, all proceeds
are deposited to your lender to satisfy your debt. This is can be a particular
point of consideration as you will be giving up your dwelling with no
new cash-on-hand for rent or a new mortgage down payment. In essence,
if you wish to short sell your home and take out a new and more affordable
mortgage, you won’t be able to rely on the short sale proceeds to help.