For those home owners who are in an upside down loan situation, getting rid of the property might make sense for them. They may think of turning the keys over to the lender or bank but there could be a personal judgment for deficiency against them after that. Instead a lawyer might advise the home owner to go after a short sale on their own. Even though the amount of the sale will be lower than what the home owner owes the bank, the bank most likely will agree to a settlement for the balance.
It is a bad idea to just give up the home and turn the keys over to the bank without consulting an attorney. It is a sure way to get a personal judgment of deficiency against you, which is valid for twenty years, and results in garnishing of wages, attachments to future real estate or personal property.
Most homeowners do not realize that they have rights. When it comes to foreclosure, knowing these rights can make the difference between losing your home or keeping it. Foreclosure Defense Law Group can ensure that a homeowner is informed of their rights and knows how to put them into action when needed.
A foreclosure defense can result in dismal of the foreclosure, alternate financing options, financial damages paid to the homeowner during foreclosure proceedings, renegotiation of the terms of mortgage, suspended payments while the homeowner lives in the home during the process and disposing of the property under the homeowner’s terms not the lender’s.
For more information, please visit,
www.ReturnTheDeed.com
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