Debt-Relief Solutions
Sobti Law Group is a debt-relief law firm. We are not a loan consolidation program or a late-night TV special trying to find a quick fix for you. We are a law firm dedicated to helping our clients find lasting solutions for their serious consumer debt and mortgage payment problems.
If you are in a home that is upside down — it is worth less than what you owe on it — there are a few options that are available to you. You could file for Chapter 7 bankruptcy to liquidate the home and be free from the financial burden of your home. You might be eligible for a Chapter 13 bankruptcy in which we could possibly reorganize your debts in a way that allows you to keep your home. Another option is working with the lender for a loan modification. And your final options — which are very popular in our current economy — include foreclosure and short sales.
If you unable to keep up with your monthly mortgage payments and you are considering a short sale or facing a foreclosure, contact us. Contact one of our offices — in Orange, Beaumont, Corona, San Bernardino or Palm Springs — for a free initial consultation. We can help you understand your legal rights and options. Let us help you find a lasting debt-relief solution.
Short Sale Versus Foreclosures
The difference between a short sale and foreclosure is very simple:
- Short sale is when the lender agrees to let you, the homeowner, sell the home for less than what is owed on the home. The lender then accepts the purchase price of the home as a settled payment , forgiving the deficiency balance. The impact to your credit bureau is MUCH less severe than that of a foreclosure which shows as a debt still owed.
- Foreclosure is when the lender takes ownership of the property and sells it to make up for the deficient loan.
Either way, the house is being sold and the lender will most likely be making less than what the home is worth, and almost certainly less than what it owed on the home.
Contact Our Palm Springs Bankruptcy Attorneys
It is essential that you consult with a skilled, knowledgeable attorney if you are in this situation. We can help you understand your options so that you make informed decisions going forward. Either call 888-627-8013 or contact us online to schedule your free initial consultation with a lawyer.
