Modesto Foreclosure Attorney
Oakdale Short Sale Lawyer
Stopping Home Foreclosure and Negotiating Short Sales
Significant numbers of homeowners in the Modesto area and the Central Valley are now or will soon be facing foreclosure, either because of job loss, unmanageable debt or adjustable rate mortgages.
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 upon your situation, whether you went through a failed loan modification or a failed short sale of your home filing for bankruptcy may be an option to stop a foreclosure and protect your assets.
At the Thomas Hogan Law Office, an experienced bankruptcy lawyer can review your specific financial situation and advise you on the best option for you. Every case is different; one solution is not right for everyone.
Get the facts before you act, and before you lose your home to foreclosure. Call (209) 492-9335 today to arrange for a free fifteen-minute consultation at the Modesto Thomas Hogan Law Office.
Keeping Your Home
Bankruptcy attorney Thomas Hogan 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.
Is a Short Sale an Option for You?
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. Mr. Hogan has extensive experience negotiating short sales and loan modifications with lenders. He understands how to approach lenders in these discussions and will work to obtain the best outcome for you.
Be Aware of Potential Liabilities from a Short Sale
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.
The laws are changing in this area so before you make any decisions, talk with Thomas Hogan, an experienced bankruptcy and foreclosure lawyer. Mr. Hogan can and will review the tax implications of the short sale or other action.
Home Foreclosure Can Be Stopped • Call Us Today
For a free fifteen-minute consultation with a lawyer at the Thomas Hogan Law Office, call (209) 492-9335 or contact the firm online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.