Protecting Your Assets During Foreclosure

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Foreclosure can be financially and emotionally crippling, but it doesn’t end there. After a foreclosure, you still end up owing money, and there’s nothing stopping lenders from going after your other assets. Fortunately, there are ways to protect yourself and avoid any further loss.

In non-judicial foreclosure states like California, banks have to go to court before they can get any deficiency claims. Some banks won’t bother with the extra expense, but others will go that far to get hold of your assets. It doesn’t make you any less vulnerable. In fact, once you get back on your feet, creditors can almost instantly come knocking on your door.

Your best options are Loan Modification or short sale. They can be a bit more complicated, but if all goes well, you can walk away with technically no obligations. It all depends on the loan modification attorney or short sale negotiator you choose to work with.

So how much of a discount can you get with a short sale? These days, most banks are willing to write off up a substantial percent of your property’s value. For a bigger discount, you may have to sign a promissory note for the amount exceeded. It’s best to do it without such obligations, as they’ll only come back to attack your credit in the future. With a loan modification you are able to re-structure the terms of your existing loan and keep your home.

The bottom line is that you have two options: arrange a short sale or get a loan modification. Whatever you choose, The Loan Modification Department has the right people to help you. When you’re working with the right professionals, you can protect your assets no matter what happens to your home.

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The Law Offices of Mortgage Lawyer One maintain this Mortgage Modification / Law Firm website for marketing and informational purposes only. None of the information or materials on this site are legal advice. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship. While we make every effort to keep this site accurate and up to date, we do not guarantee its accuracy nor are we responsible for inaccuracies, errors, or omissions.