Short Sales Can Be Confusing. We Can Help.
Legal and Financial Assistance in Southern California from Experienced Lawyers
"Walking away" from a property and allowing a foreclosure to occur can seem like a simple and easy solution to mortgage and financial challenges. Walking away can seem like the easiest answer. It is, however, not easy. Why?
If your property has a first and second mortgage, the lender of the second mortgage can pursue the remaining balance after the primary lender has foreclosed on the property. This means that, long after the foreclosure has occurred, you could remain vulnerable to debt collection efforts by the second lender.
If you are underwater with a property, have a first and second (or even third) mortgage and have questions, contact the Southern California law firm of Sobti Law Group. We can work with you to propose solutions, which may include a short sale or Chapter 7 or Chapter 13 bankruptcy.
Short Sales With a Second Mortgage
When you dispose of a property through a short sale versus foreclosure, each creditor usually receives some level of payment. In fact, the primary lender has an incentive to agree to pay the second lender a portion of the proceeds so that the ownership of the property can be and settled. The result? You are free of the property, and you are free of debt obligations to all lenders.
Chapter 7 or Chapter 13 bankruptcy can also protect your interests. For instance, both chapters include an automatic stay, so that foreclosure can be halted. For more information regarding short sales and your rights, contact us at our Beaumont, Corona, Riverside, San Bernardino, Chino, Orange, Rancho Cucamonga or Palm Springs office.
Contact Us
The Orange short sale attorneys at Sobti Law Group offer free consultations, are available for Saturday appointments by request, and speak English and Spanish as well as Armenian, Russian, Arabic, Persian, Hindi and Punjabi. To contact Sobti Law Group or U.S. Law Center, call 888-627-8013.
