If your mortgage is weighing you down, you have multiple options available.
A short sale is a process by which you can sell your home to a third party, and the lender accepts the sale price in satisfaction of your mortgage debt. If there is no way in which you can afford to pay your mortgage, and you do not qualify for a loan modification, then a short sale may be the best option for you. There is a great deal of variation in the terms of a short sale; an ideal short sale can result in the mortgage debt being wiped away entirely, with extra money coming back to the borrower, but a improperly done short sale can result in the borrower being liable for large sums of money. For this reason it is strongly recommended that borrowers use an attorney to negotiate any short sale.
Kern Law is experienced in pursuing and negotiating short sales; both traditional short sales and federal HAFA short sales.
Deed in Lieu (DIL)
A Deed in Lieu of Foreclosure is a process in which the lender accepts the deed to the mortgaged property in exchange for release of the mortgage debt. This bypasses the requirement that the borrower sell the property first. Deeds in Lieu are frequently difficult to get, and usually available only after a short sale has been attempted.
Foreclosure mediation is a new Nevada program that was created by Nevada Assembly Bill AB 149. With this new law, You as a homeowner have the power to halt the foreclosure process while forcing your lender to come to the table and meet you face to face, with an attorney to fight by your side. Once you have filed for mediation, the lender is forced to take part, to meet You on neutral ground, and to negotiate a modification in good faith, under the supervision of a court-appointed mediator. If the lender does not cooperate, your attorney can seek sanctions from the court to punish the lender and give you the advantage.
Bankruptcy is an extreme option available when a person’s financial situation is perilous. In a petition for bankruptcy, the court seizes the petitioner’s extra assets and divides them among the petitioner’s creditors in full satisfaction of the debts. The process and details vary greatly depending on the type of bankruptcy and the individual circumstances. Bankruptcy is usually a good option for a borrower who has significant amounts of unsecured debt in addition to their mortgage debt.
Which option is best for you depends on your individual situation. Come in to Kern Law immediately for a free consultation. Do not wait; most options are time-sensitive. Do not risk foreclosure!