There May Be Alternatives To Filing For Bankruptcy
Bankruptcy is not for everyone! While it is true that many cases are best handled in the Bankruptcy Courts, there may be alternatives that are better suited to your individual needs.
Sometimes a loan to buy a new home starts out as a good investment, but because of a change in circumstances, it becomes unmanageable.
For example, someone buys a $250,000 home and places $25,000 as a down payment, with the balance of a $200,000 mortgage. Because times might become tough, the homeowner may decide to take out another mortgage for a large amount. Due to a financial downturn, the value of the house then drops to $150,000. Who has to clean up the mess? The homeowner.
Behind On Your Mortgage? A Mortgage Lawyer Can Help
The experienced Pottstown area mortgage lawyers at Ross, Quinn & Ploppert will help you through these tough times using a variety of time-tested strategies.
How Can We Help?
- Have the value of your home evaluated, and modify your mortgage to match the actual value of your home, potentially saving you tens of thousands of dollars.
- Use tried-and-true mortgage modification strategies to strip away the second (or third) mortgage on your home.
Unique Methods to get the Best Results for Our Clients
Not many law firms attempt mortgage modification during the bankruptcy process. We put your needs first, so we will use unique and challenging approaches to get the best possible result for you and your family.
Most people who come to us want to keep their home. Unfortunately, that means you’ll have to keep your mortgage in most cases as well. The good news is that we can work with you and your mortgage provider to modify your mortgage to a manageable amount based on all the circumstances.
A “Short Sale” is sometimes the best option for Debtors who are unable to pay the mortgages on their home. At Ross, Quinn & Ploppert, we have provided legal counsel to many clients who were in a similar situation to you. We have the knowledge, experience, and expertise to help you understand the best debt relief options for you.
By definition, a short sale is a deal brokered by your attorney and mortgage company to satisfy your debt for an amount “short” of what is actually owed. There are both advantages and disadvantages to choosing a short sale as your debt solution.
While it is true that you can alleviate some of your debt by agreeing to a short sale, there are two possible negative consequences:
- You will be taxed on the amount the mortgage company took a loss on as unearned income.
- You will be forced to sign a promissory note saying that you will pay back the loss the mortgage company takes at time the home is sold.
There are potential ways to avoid these expensive consequences, and our Pennsylvania Bankruptcy Attorneys are here to provide you with the best possible alternatives.
Contact Our Montgomery, Berks, Lancaster, and Chester County Bankruptcy Lawyers Today
Our lawyers are ready to discuss your concerns and provide answers. Our attorneys represent clients in Montgomery County, Berks County, and Chester County. Contact our Pennsylvania debt relief law firm today to learn more about what we can do to help you overcome your legal troubles.