MARIETTA BANKRUPTCY LAWYER
Many individuals in the Atlanta Metro Area are facing serious problems regarding the ownership of a home purchased during the sub-prime mortgage boom. No one really understood how terrible the result of this type of mortgage could be. Sadly, many families in the area have already lost their homes as they did not take immediate action and contact a lawyer to assist them in resolving the issue.
Two of the types of solutions include a short sale or a deed in lieu. These two actions are often a possibility when dealing with a personal mortgage disaster. With the advice of a Marietta bankruptcy attorney from Blevins & Hong, P.C. you can determine the best solution for your personal financial crunch.
ABOUT SHORT SALES
A short sale is essentially the opportunity to sell your home for an amount that is less than the mortgaged amount, and to be released from the debt during the process. This can be a viable option for some individuals, but in other cases, it is too far past the point where a short sale can be achieved before foreclosure.
In these cases, it may be necessary to do a bankruptcy filing to halt the proceedings on the foreclosure in order to have time to resolve the issue and not end up out on the street. Each case is unique, and it is critical that you get knowledgeable legal advice and are steered in the right direction, depending on your circumstances.
WHAT IS A DEED IN LIEU?
A deed in lieu is another option that is available to some individuals. This is when the property is signed over to the bank and the individual no longer has to deal with the debt involved. This may be an option, but in other cases it is not available to the client. Sadly, this action results in the loss of your home. It may be a better option to file for bankruptcy and have the months in which all creditor actions are halted in which to solve the issue regarding your mortgage.
Whatever your case is, the attorney from Blevins & Hong, P.C. can advise you how to move forward and resolve debt-related issues with the least amount of damage to your personal life. These matters are emotional and extremely upsetting, the firm understands that you need help, and you need it now. Your questions will be answered and you will understand your actual options, and can avoid scam artists that are preying on those who are suffering financial stress. Contact Blevins & Hong, P.C. today!