Foreclosure Help In San Diego – San Diego Short Sale Attorney – Stop A San Diego Foreclosure
When a consumer is faced with a San Diego foreclosure, a short sale of the property may be beneficial if the lender will approve it. A short sale will stop a San Diego foreclosure and stop the mortgage company from taking a deficiency judgment. A deficiency judgment would be the difference between what you owe on the home and what the lender is able to get for it in a sale. In this market, the difference can be quite staggering.
Don’t Wait Until You Lose Your Home In A San Diego Foreclosure. Contact experienced San Diego Bankruptcy attorneys TODAY by calling 619.615.0767 for a free confidential case evaluation. Dealing with a San Diego mortgage company during a short sale can be a complicated process. As San Diego short sale and foreclosure attorneys, we see lenders being more and more difficult when approving sale prices. Further, you have to provide adequate proof to the lender that the price is in fact lower than what is owed on the property. Otherwise, the lender will not stop a San Diego foreclosure.
Furthermore, your home loan company will want documentation from you, the borrower, as well. You have to be able to show the bank that you cannot afford to make future payments or they will not stop a San Diego foreclosure. You must provide the lender with all the information they need while at the same time proving you are insolvent.
You really need a San Diego foreclosure attorney to assist you with your short sale because you want to show that you cannot make the payments going forward, but you do not want to paint the picture that you could not afford the payments at the time the loan was entered. This mortgage fraud. It is vital that you are represented by an experienced foreclosure attorney so that you are fully protected.
Along with the San Diego short sale, one of the newest strategies in dealing with delinquent mortgage payments is the “walk-away.” Under this idea, the borrower decides to stop making mortgage payments and allows the lender to initiate a San Diego foreclosure. The borrower concludes it is a better business decision to stop making payments, save their money, and let the bank foreclose.
In California, we have what are known as anti-deficiency statutes. These statutes state that if in a San Diego foreclosure sale the sale price of the home is less than what is owed on the property, the lender cannot come after you for the difference. This risk is priced into almost all California lenders’ business models.
While this may seem like a good idea, there are several things which you should consult a San Diego foreclosure attorney about. First, a foreclosure has just as much impact on your credit score as a Chapter 7 or Chapter 13 debt relief plan. If you have other unsecured debts, such as credit cards, medical bills, etc, it would be a much BETTER option to file for bankruptcy. Second, there are many exceptions to the anti-deficiency statutes that you MUST discuss with an experienced San Diego bankruptcy lawyer. If one of those exceptions applies, you will be liable for the difference.
Call our office TODAY to set up a free consultation with an experienced bankruptcy lawyer. At Thompson | Wedeking, because we are San Diego bankruptcy lawyers, we will guide you through each step of the Chapter 7, Chapter 13 or San Diego foreclosure process. You can stop any creditor wage garnishment before it starts. Call us at 619.615.0767 for more information.