Don't Go Through Foreclosure Alone


The threat of foreclosure is not something that you want to face on your own. Considering the variety of issues that may have led you to foreclosure, the different programs available to help you, and the complicated laws and bureaucracy involved in the entire process, make sure you're in contact with experts in these various areas so that you understand all your options:

Finding Programs

There are a variety of programs offered by banks and the government to help people threatened with foreclosure. The Department of Housing and Urban Development keeps a database of foreclosure counselors by state; these are nonprofit services and free of charge. Discussing your issues with a foreclosure counselor should be a key first step in figuring out a path through your housing problems.

Short Sale

If you can no longer afford to stay in your home, you are probably trying to sell it and move into more affordable housing. But since housing prices have fallen, many people owe more on their mortgages than they can sell their homes for. In a short sale, the bank allows you to sell the home for less than what you owe them, usually forgiving the remaining debt.

A realtor who specializes in short sales can help you determine whether this might work for you. They will be able to find out how much your home can be sold for and how quickly. In addition, they can help you navigate the pitfalls of short sales – because there's a big difference between the bank forgiving the difference in your loan versus coming after you for repayment later.

You will also want to be talking to a tax expert, like a CPA, if you are considering a short sale. If the bank forgives part of your debt through a short sale, for example, the IRS may consider that income subject to taxation.

Foreclosure Lawsuit

If your lender has already filed a lawsuit against you, it's time to contact an attorney. There's a lot of paperwork involved in debts as well as lawsuits, and you need to make sure everything is accurate. Banks, for example, often sell loans on to other financial institutions, and it's important that you and your lawyer are certain that the lender suing you is the real owner of the mortgage and is not in violation of any of the statutes involving foreclosure.


If you can't meet your debt obligations, bankruptcy may be your best choice. Discuss this option with a foreclosure defense attorney, who can look at your debts and finances and determine whether this is a good fit for you. Bankruptcy is a complicated legal process; choose a lawyer who is up-to-date on the legal code and comfortable explaining the issues to you.


20 February 2015

Resurrecting Your Business

When I was a child, I regularly visited a local department store. At this lovely business establishment, one could purchase many items including clothing, shoes, and even hotdogs. Sadly, due to competition and other factors, the store closed its doors for the last time several years ago. If the owners of the store had considered bankruptcy options, they might still be meeting customers’ needs today. On this blog, you will learn how to resurrect your business with available bankruptcy alternatives. Regardless of whether you choose to liquidate your assets or reorganize your entity, the opportunity to remain in operation might be an option for you.