Orange County's top Bankruptcy Attorney focusing on Chapter 11 Bankruptcy
“As Orange County’s premiere bankruptcy attorneys Financial Relief Legal Advocates can help you reorganize your finances in any of the following ways:
- Filing Chapter 11 Bankruptcy
- Providing debt negotiation services for you with a troubling creditor
- Providing “shortsale consultation” and “deed in lieu of consultation”
In short, one of the incredible benefits of a Chapter 11 bankruptcy is that the law allows us to “cram down” the mortgage balances of your rental or business properties to today’s fair market value. This can greatly reduce your monthly mortgage payments so that you are able to keep those properties rather than lose them in foreclosure!!
If one of your rental mortgages is $1,000,000., for example, but the property is genuinely worth $500,000. today, we can obtain a Court Order that this is your new value for purposes of repayment!!
Debt Negotiation Services
If you have a creditor that’s calling you or threatening legal action against you, we can help! We can contact that creditor on your behalf and seek to work out a settlement that you can afford. When we discuss settlement with that creditor, we will immediately and accurately represent that we are bankruptcy attorneys working on your behalf.
"Short Sale Consultation" and "Deed in Lieu of Consultation"
I. Short sale consultation
In many instances, your mortgage balance exceeds your property’s present market value.
This is the type of situation where a ‘short sale‘ may be a viable option for you.
In this case, you can’t sell the property for its current market value, because of the high mortgage balance.
We are in the midst of the one of the greatest real estate slowdowns since the great depression! When you purchased the property, you couldn’t have known that something like this was going to happen to you…it’s just an inexplicable event and not your fault.
There is a formal process that you must follow with your mortgage lender in order to obtain approval to sell your property for less than than the current loan balance. We can assist you to follow through and be successful with this process.
When you need to sell your property, you have two options available to you:
(1) “short sale”; (2) “deed in lieu of foreclosure.”
Please contact us for a personal consultation to determine if and how you can qualify for either of these options.
We review the specific language provided in any lender agreement to make sure that you have no deficiency liability and that you can walk away free and clear from your property.
If you seek a “short sale,” you will list your property with a realtor and we will assist you with all documents with the lender to qualify you for the short sale.
We will then review all correspondence from the lender regarding the status of your short sale and review any final agreements that the lender provides to you–to protect your legal interests.
It’s important to know: you cannot trust your lender to protect your interests!!
A realtor does not have specific legal background and training in reviewing contracts. Your realtor’s background is in marketing and selling properties and understanding specific documents provided through the Multiple Listing Service, NOT reviewing and understanding 3rd party contracts provided by a lender…
II. Deed in lieu of foreclosure consultation
We will also explain the concept of “deed in lieu of foreclosure” to you.
This is different from a short sale because you do not have to have a successful sale of your property to obtain a deed in lieu. It will be important, however, that you satisfy certain conditions with the lender.
Again, we will review all documents provided from the lender through the process to help you to obtain a successful deed in lieu of and walk away from further loan obligations.
THE LENDER IS NOT CONCERNED WITH YOUR FINANCIAL WELL-BEING EITHER SHORT OR LONG TERM. IT MAY GIVE YOU RIDICULOUS DOCUMENTS TO SIGN THAT ALLOW THEM TO TAKE BACK THE PROPERTY AND KEEP YOU PERSONALLY ON THE HOOK FOR THE DEFICIENCY! THAT IS THE POINT OF HAVING LEGAL REPRESENTATION SO THAT YOU CAN WALK AWAY FREE AND CLEAR OR KNOW EXACTLY WHAT IT IS THAT YOU ARE SIGNING!!