Denver, CO – This is a topic that many home owners are dealing with, today. Trying to understand the dilemma of filing a bankruptcy with a home loan in default.
"Should I short sale and then declare bankruptcy. Or just declare bankruptcy and get rid of the house in the bankruptcy? ", they ask themselves.
This is where a good BK or real estate Attorney, should counsel the home owner on the risks of deficiencies, outstanding debt, and tax liabilities.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Learn about the 2 types of Bankruptcy that you may choose to work. Chapter 7 and 13. Each have their own issues and consequences. BK 7 is to eliminate ALL unsecured debts. BK 13 is a reorganization of debt repayment. Both will allow you to keep you home, unless your home loan becomes in default.
Many attorneys have advised some of our past clients, and each one has advised them in different directions. It all depends on the home owners' financial status. Even though a BK 7 can eliminate any debt recourse, we have had some clients that taking that route was STILL NOT the best for them.
By actually doing a short sale on the property, it ended up being the best situation knowing that we were able to negotiate with the lenders to NOT take recourse on the outstanding debt / deficiency.
The debt was gone and he had no need to declare bankruptcy. Not a bad deal, no? Here is the good news for you. First, many states have laws that forbid banks from pursuing you for a deficiency after a short sale or foreclosure. Colorado is NOT one of those states!
Talk to an experienced Realtor, with short sale background to determine how a short sale can work in your financial situation!
Thinking about a Denver Short Sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at denverforeclosureblog@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 303-521-0984
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification?Our Westminster loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Request your FREE copy, below!
Thanks for reading this, Dan Hopper.
View My homes for sale at www.danhopper.com.
Dan Hopper specializes in loan modification assistance and short sales in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
For related blog / video blogs, click on the links, below!!
http://denverloanmodhelp.com/?p=329
www.youtube.com/user/denverloanmodhelp
www.youtube.com/user/yourhomesellshere
FOLLOW DAN HERE:
Important Notice
Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Dan Hopper's personal views and do not reflect the views of RE/MAX Alliance.
This information onStop Foreclosure: How Does Bankruptcy Play into Short Sales?, is provided as a courtesy to our viewers to help them make informed decisions.
No comments:
Post a Comment