When the Amount You Owe On Your House Is More Than It Is Worth
At times when the real estate market is down, some property owners who bought at the peak of the market can find themselves in a situation where the value of the property is considerably less than the balance of the mortgage. Meaning that, if the owner wanted to sell the property at its current market value, he or she would not be able to get enough to pay off the mortgage. This is commonly referred to as being "upside-down" on your mortgage.
For people who have lost their jobs or are facing some other type of financial hardship, keeping up with the mortgage payments can be extremely difficult. When foreclosure seems imminent, selling the home to pay off the mortgage is simply not an option. For these people, negotiating a short sale with their lender is often the best option.
Walton Legal Services: More than 30 years | More than 30,000 bankruptcies filed
Columbus Home Short Sale Lawyer
In a short sale, your lender agrees to forgive the entire mortgage and accept a lesser amount based on the best offer you receive for your home. The primary advantage of a short sale is that you will not have a remaining balance left on your mortgage after the transaction is complete. On the downside, the amount of the mortgage that was forgiven when your lender approved the short sale could be considered taxable income by the IRS.
At Walton Legal Services, our Indianapolis short sales lawyers work closely with clients who are having trouble keeping up with their mortgages and other debts. We provide complete debt relief services, including helping clients file for Chapter 7 and Chapter 13 bankruptcy. We will advise you about all your options, and work to help you find the best solution for your needs.
Discuss Your Debt Relief Options With One of Our Attorneys
If you are looking for an Indianapolis debt-relief lawyer to help to protect your rights after filing for bankruptcy, call one of our Indianapolis law offices, call our Columbus, Indiana, office or contact us online. We offer free initial consultations, and we give you detailed up-front information about our fee arrangements, so there will be no surprises.
We are a debt relief agency. We have helped more than 30,000 people file for bankruptcy relief under the Bankruptcy Code.
