Short Sales and Bankruptcy

: Chris Lee Law Firm

  Filed under: Mortgage

mortgageWhen an individual runs into financial difficulty and they are at risk of losing their home they may start to begin to consider short sales. Short sales is where the lender such as the bank or private lenders may give them the option to sell their home at a price that is much lower them  what is still owed on the home. Usually this sale is made to the lender.

Mortgage Worries

Often individuals well consider this in the hopes that that they can avoid foreclosure. It seems a little stranger that a lender would agree to a short sale when the money generated is going to be much less than what is owed. One of the reasons they will do this is because it cost them far less than what a foreclosure would.

Many individuals that are going bankrupt will consider a short sale as an option. There are bankruptcy laws in place regarding short sales in order for it to be approved. The bankruptcy court may have to grant a motion to sell or a granted motion for relief from automatic stay with the short sale negotiation being noted. There are other criteria that pertain to the short sales and bankruptcy and this is something that your bankruptcy attorney will handle for you and advise you on.

There are many steps that are taken through the bankruptcy action to deal with your debts and your assets. There are certain exemptions that are given and it shouldn’t be just assumed that you are going to lose all of your assets because you are going bankrupt.

The smartest move to make is when you have discovered that you are in a financial mess that you cannot get out of  is to proceed with determining whether a Dallas bankruptcy is going to be the best solution for you. Then if so which one that you qualify for that is going to give you the debt relief that you need.

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