Hardworking families often find themselves facing the very real possibility of losing their homes to foreclosure due to injury, illness, job loss, seasonal unemployment, and other factors beyond their control. When you find yourself in that situation, it can be difficult to overcome the feeling of being overwhelmed and take effective action that can protect your home.
A key to successfully defending your home from foreclosure is taking action as soon as possible. Too often, homeowners fail to take action for a number of reasons such as feeling hopeless or simply thinking they can work through their financial problems.
When your home is at stake, you need to talk with a professional who can educate you about what options are available. Having that talk sooner rather than later can make all of the difference in whether or not you keep your home. To reach one of our experienced home foreclosure defense attorneys, simply click here or dial (612) 271-4047.
Short sales
Short sales can offer real relief to homeowners who are facing foreclosure. A short sale is one where the homeowner finds a prospective buyer and the bank agrees to accept less than what is owed on a house to satisfy the mortgage. Short sales can save banks substantial sums over foreclosing on a property. Let us help you put the case for short sale to your bank. We have helped many of our clients secure approval on short sales in the past. It is important for you to have an experienced attorney review for you the short sale documents prior to signing them to assure that you will not remain personally liable for any deficiency (difference between net sales proceeds and the amount you owe). Banks can trick you into signing something that appears like your debt is forgiven when it is not.
Deed in lieu of foreclosure
Deed in lieu of foreclosure is another option for struggling homeowners. In a deed in lieu of foreclosure, you sign over ownership of the property to the bank in exchange for being released from the debt. Our firm helps people negotiate deed in lieu of foreclosure and all other possible options for resolving situations with banks. You should have an experienced attorney review with you the deed in lieu of foreclosure to assure that you will not be liable for any unpaid debt.
tax consequences
At times but not always you could be liable to pay tax on forgiven debt. Fortunately, certain exceptions might apply to you. You should consult with an attorney and tax advisor before entering into a short sale or deed in lieu of foreclosure so you aren't later surprised by a hefty tax obligation.
More than 20 years of experience in helping our clients secure economical and effective solutions
At Aho Law Office, P.A., our attorneys are committed to helping our clients keep their homes. We know that more and more families and individuals are finding themselves in difficult situations and we want to be there to help. We strongly recommend that our clients come to us before the sheriff's sale. We can stop the sheriff's sale through the automatic stay that is part of Chapter 7 and Chapter 13 bankruptcy.
An advertisement, directed to the general public, indicating that the debt relief agency provides assistance with respect to credit defaults, mortgage foreclosures, eviction proceedings, excessive debt, debt collection pressure, or inability to pay any consumer debt shall—
(A) disclose clearly and conspicuously in such advertisement that the assistance may involve bankruptcy relief under this title; and
(B) include the following statement: “We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.” or a substantially similar statement.