Foreclosure Prevention and Mitigation

Are You Facing Foreclosure?

If you are one of the many people facing foreclosure on your home, we can help you. Last year, 2.8 million people faced foreclosure because of missed payments, taxes, or liens.

 There are things that can be done to save your home; if you have already been foreclosed, there are things that can be done to get rid of the debt.

 If you have fallen behind on payments, and want to keep your home, we can help negotiate your mortgage for you. We’re not afraid to go up against the big mortgage companies.

If you have fallen behind on your mortgage payments, and do not want to keep your home, in most cases you have 3 options:

1) Sell your home, and hope you get enough to cover the debts (mortgages)

2) Do a "short sale"

3) Allow it to go into foreclosure

Some Things You Should Consider When Looking At Your Options Are:

• If you sell your home and it does not sell for at least what you owe on the mortgage(s), you will still owe the difference.

 • If you do a “short sale,” you could get a 1099 from the mortgage company at the end of the year. The difference of what you owe on the mortgage(s) after the short sale is taxed as income. This means that you will have to pay taxes on the difference, which can be thousands of dollars. If you are considering bankruptcy to wipe out the debt, the mortgage usually can be discharged, but taxes cannot usually be discharged.

 • If you allow your home to go into foreclosure, you usually get at least 6 months to live in the home rent-free once it is sold in a sheriff’s sale. Although you will still be liable for the debt(s) on the home, such as mortgages and some taxes, the mortgages can be dischargable in a bankruptcy.

The only way to know for sure what would be in your best interests would be to consult an attorney contact us now for your free consultation.