Are you facing foreclosure?
We assist clients in the difficult process of foreclosure. We investigate all of your options including short sale, deed in lieu of foreclosure and loan balance reductions. Each option has potential tax and legal complications. With our experience behind you, you can be sure that you are making the best decision possible. But don’t delay—the further you slip behind with creditors and mortgage payments, the fewer options you may have.
Q: My house is in foreclosure. What can I do now?
A: First you need to decide whether you want to keep the house. If you want to keep it, you may have several options. One option you may want to consider is bankruptcy. This process can provide time to catch up on your past-due payments. Another option may be that help is available under the Housing Rescue Act which was recently enacted. If you do not want to keep the house, you may consider a “Short Sale” (selling the house for less than what is owed with the lender’s cooperation) or a “Deed in Lieu of Foreclosure” (just signing the property over to the lender). Remember that your house is a critical asset, even if it is in foreclosure – don’t just proceed with a foreclosure without getting the advice of a professional.
Q: My house is in foreclosure and I have not been able to sell it for what I need to pay off my first and second mortgage since the market has dropped. I can't afford to make the payments either. Is there anything I can do to avoid the foreclosure from going through?
A: You can pursue a “Short Sale” or consider filing bankruptcy. A “Short Sale” involves selling your home for less than what is owed on it. Such a transaction requires the lender’s consent. In today’s market, lenders are more willing to work with you, however, the process can be complicated and frustrating. Often using an experienced attorney to help you with this process can alleviate some of the burden. Filing bankruptcy can help you to reorganize and eliminate debts so that you are able to keep secured items, such as your home, by allowing the court to oversee the process of making up the payment arrearage over a three to five year period. Although many people think that Chapter 13 bankruptcy requires repayment of all debts, this is not usually the case. Make sure to get competent legal advice so that you can make an informed decision.
“Mr. Albertazzi is a thoughtful and caring attorney. His staff, Sarah and Amy are so supportive. All of them were available to answer multiple questions.”
296 Sw Columbia St, Ste. B
Bend, OR 97702
Monday - Friday: 9:00am - 5pm