Los Angeles Short Sale Attorneys
Remove Second Mortgages Through Lien Stripping
Many of us purchased our homes or any other real property with the belief that they were a sound financial investment. Many homeowners however, have found that because of a decline in value or adding new debt through refinancing or a HELOC, they owe more on their property than it is worth. As a result, those who wish to sell when they need to do so are unable to, since property owners are still responsible for the amount owed on the property loan and not its current market value.
If this situation sounds familiar, know that there are ways of finding help and relief. At Weintraub & Selth, APC, we understand the legal mechanisms available to those who are in desperate need of effective debt relief. You need the help of those who can provide you with knowledgeable real estate counsel.
To learn more about how our Los Angeles short sale lawyers can help you, please do not hesitate to contact our office today.
In some instances, you may be able to remove or strip down some of your mortgages or liens on your property through bankruptcy. For example, if you have a second or even third mortgage or other mortgages or liens on your property and the value of your home has declined so that these exceed the value of your home, we may be able to strip those loans off your home so they equal what your property is currently valued at. The remaining debt that has been stripped off is considered unsecured debt and can often be negotiated to be paid off for pennies on the dollar.
Our attorneys have lien stripping experience for homeowners like you, whether it be your primary residence or an investment or vacation property. This process takes place as part of a bankruptcy case. Lien stripping can help increase cash flow and can be a way for families to keep their homes. We can also use this method to help you determine the best plan of action when it comes to saving a property.
Los Angeles Short Sale Attorneys
We can also help you facilitate a short sale if that is the best option for you. In a short sale, the seller arranges with their lender to accept a sales price on their property that is less than they owe. If you are underwater on your property and want to offload the asset, even if it means you must sell the piece of real estate for less than the loan amount, we can help negotiate with your lender when it comes to accepting a short sale agreement.
In order to avoid the time and expense of having to foreclose on a property, banks may allow this type of transaction. A short sale may be a viable alternative in helping you avoid foreclosure and the need to file for bankruptcy. We can analyze your situation to see if this is the right choice for you and what your other options may be.
To discuss lien stripping, short sales, and sale-leaseback opportunities with one of our Los Angeles attorneys at Weintraub & Selth, APC, call (310) 220-4147 or complete the contact form on our website. Se habla español.
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