Do you have questions about foreclosure and how to prevent it? (Los Angeles Bankruptcy attorney David Lozano has the answers!)
David Lozano is a Los Angeles bankruptcy lawyer, but he is also well-versed in the foreclosure laws of California. With this knowledge I am able to answer the any questions my clients may have about foreclosure and how to prevent it. There are drawbacks to foreclosure that you might not know about, which I make clear to every client that walks through my door.
The first and foremost thing I tell clients, which you are probably well aware of already, is that your house will be repossessed and put on the market to be sold by your mortgage lender. Then you have to go through the process of searching for a new place to live, but there’s more to it than that. You are now at a disadvantage when it comes to finding a landlord that will rent out a home or apartment to you.
Clients also wish to know if there are alternative options besides foreclosure and bankruptcy. The answer is yes. You can try to refinance your home to get a lower interest rate, reduce your loan payment, or get an extension of the loan term. There is also something called a short sale and what is known as a “deed in lieu of foreclosure”.
A short sale allows the owner to sell their house even if it is for less than the amount they owe the mortgage lender. In some cases, the rest of the debt owed is waived because the lender does not wish to spend, and possibly lose, money on the foreclosure process.
A “deed in lieu of foreclosure” simply means the owner relinquishes ownership of their house to the lender. There are no strings attached, leaving the lender to sell the house for what they can while the previous owner no longer owes the lender anything!
During a free consultation, I will help advise you on which option would be best for your situation. I encourage you to keep in mind, though, that if you choose bankruptcy you get to keep your house! Not only that, you don’t have to worry about the repercussions that come with foreclosure! So why not contact me now for your free debt consultation? I guarantee you will be happy you did!