Protecting Your Home and Your Credit
Many homeowners across the country and in southern California are facing defaulted home loans and home foreclosure due to job loss, unexpected financial setbacks, changes in their interest rates or other increases in their monthly loan payment. You may think that filing bankruptcy is the only way out of crushing mortgage debt, but are afraid of the effect that would have on your credit.
You may also be considering abandoning your home because the debt exceeds the value of your residence, leaving you with no equity or drowning in the debt. We can offer solutions.
At the law firm of Weintraub & Selth, APC, bankruptcy is just one of the tools in our toolbox to help people burdened with mortgage debt. We request that our clients contact us before submitting any documents to the bank or creditor. But even if you have done so, we can still help. Our lawyers offer foreclosure and bankruptcy alternatives for homeowners across the country and in Santa Monica, the San Fernando Valley, South Bay and surrounding communities in southern California.
Those alternatives include:
- Mortgage Loan Modifications: Our lawyers will evaluate your financial situation to determine if mortgage modifications — such as reducing the interest rate or placing the arrearage at the back end of the loan — will enable you to save your home. If so, we will renegotiate your mortgage with your lender.
- Elimination of Seconds: We can often negotiate deeply discounted (sometimes over 90%) buyouts or payoffs of your second and other junior mortgages, perhaps restoring the equity in your home.
- Short Sales and Sale-Leasebacks: If you can sell your home, but the offer is less than the full amount you owe on your mortgage, our lawyers can negotiate with the lender to accept the payment as a settlement of your debt.
- Deed in Lieu of Foreclosure: If you have listed your home on the market but are unable to sell it, you may be able to provide your lender the deed instead of going through the foreclosure process.
There are ways to keep your home — or at least eliminate mortgage debt — without filing bankruptcy. However, there are risks, including the risk of being sued by the mortgage company. It is vitally important to seek the services of an experienced lawyer. Our lawyers will plan your settlement in a way that protects your financial interests.
Do you have second or third mortgages on your home? Learn more about California anti-deficiency laws.
For more information: To discuss foreclosure alternatives with one of our southern California attorneys, call (310) 584-7702 ((866) 572-2423 toll free) or complete the contact form on this Web site. Se habla español.
