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Short Sale and Loan Modification Attorney

Historically speaking, owning a home is the most significant investment for anyone in life. It is not just about having your own property, it is also helpful when you are looking for loans with less amount of interest. You can get a home equity loan which can offer better rates for interest compared to personal loans and credit cards. Also, you get the advantage of tax deduction. In fact, your lender might offer you even the loan amount that will exceed the property value.

However, only a few people could anticipate the current mortgage crisis that the people of the state are facing. Recently around 250 mortgage lenders have gone out of business which has left much lower opportunities for the homeowner to get the mortgage on their home equity. Foreclosures have increased at least 55% while per month there are at least 300,000-400,000 foreclosures happening around the state. As a result, home value has gone down by 5%-10% here too. If you want to avoid sheriff’s sale and bankruptcy altogether, you can opt for other options like a short sale.

Short Sale

Given this situation, many homeowners are going for a short sale in this area. This option allows the seller proceeds not to pay off the existing loan while the lender accepts a discounted payoff for satisfying the loan fully. Not necessarily you have to behind for paying off your mortgage. In this case, the mortgage companies will allow the proceeds to pay off the costs like real estate fees and other things. The seller should not be charged in any case while the commission will be negotiated between the lender and the real estate company. In some cases, the debtor might get a request from the lender for an unsecured note for a part of the shortage of the property. However, if this promissory note becomes a necessary part, then this debt becomes completely unsecured and dischargeable at bankruptcy filing. A debtor should avoid the sheriff’s sale as it will have extremely negative effects on your bankruptcy case. If you are worried about the short sale and its effect, then rest assured as it will only show as an account closed Short sale allows you to deal with the situation beyond control without getting a sheriff’s sale or hiring a Pittsburgh bankruptcy lawyer for a bankruptcy filing.

Mortgage Stripdown

The lender will not approve of all short sales. While your Pittsburgh bankruptcy lawyer might suggest it as you will remain completely protected as a debtor, chapter 13 might be a better option for you. It will allow you mortgage stripdown which will help you get rid of a second mortgage. It will happen if the fair market value of the property supports the first loan value and there is no equity in the house for the second loan.

So, if you are looking for alternatives for your bankruptcy, then you can come to us at Pittsburgh Bankruptcy Law Group. We can offer you the right insight so that you can make the right decision.

Client Reviews
Mr. Logue came to me for my consultation, which was nice! He helped me better understand my situation so I could weigh my options. He kept me updated on any new information about my case, and I could always easily contact him if I had any questions. I knew I was in good hands, and I got the best possible outcome for my case! Anonymous
Sean Logue accomplished an incredible thing for me by handling my legal matters. If you need help, this is the man to represent you...he's very keen, knowledgeable, and efficient in guiding you to freedom. The trust and loyalty he gives you is very down to earth, so if you need a lawyer this is the best one. You can feel totally confident in Sean's hands. Excellent job, thank you for taking the time for me, you took all my worries away...God bless your future. Anonymous
Mr Logue was the one I hired after talking to other attorneys about my case. He was the most knowledgeable and explained everything to me about his plan for me moving forward. He was always available to answer my questions and fought hard for me!! Don't waste your time looking for anyone else to help you. Mr Logue did an amazing job and very professional! Anonymous
Atty. Logue represented me well and took care of my legal issues superbly. He is a no-nonsense, very knowledgeable and well respected lawyer. I was pleased with his services. Would definitely recommend Atty. Logue to others. Anonymous
Mr. Logue is good for one reason, he cares. A client is not a quick buck. He always answers his phone, day or night and he understands the law better than anyone. He always answers my calls for both corporate and personal legal decisions and I have a ton of questions. His rates are reasonable too. Fair and firm. Anonymous