The Most Important Decision

When you are facing bankruptcy, the first and most important decision you must make is:

SHOULD I SAVE OR SURRENDER MY HOME?

This is the critical decision that you and your attorney must make based on the amount of the arrears and your present and future income.

Timing is everything.

If the problem that caused your mortgage payments to fall behind is temporary, then filing a Chapter 13 bankruptcy is a solid way to "catch up" on your payments and save your home.

When you file a Chapter 13 bankruptcy, mortgage arrears can be caught up over a 5 year period, if necessary.  The bottom line is that if temporary illness or unemployment caused the missed payments then Chapter 13 Bankruptcy is a "good" cause of action to cure arrears, and save your house. 

It is important to begin this process right away to prevent the accumulation of fees by the lender as the bankruptcy process steps forward.

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If the problems is that your mortgage payment is too high for the money you earn then the decision becomes more involved. Unfortunately, this frequently happens when Adjustable Rate Mortgages (ARMs) reset to a higher than expected payment.

Now the decision depends on the amount of present and future equity. If you have a large Negative equity, a Chapter 7 Bankruptcy will allow you to surrender your house, and all liability for a "Deficiency Claim" (the amount that the Loan exceeds the sale price) can be wiped out.

The challenge is to properly evaluate your property. The Las Vegas real estate market is very volatile, and the value in two, three, or even five years must be considered. If your house is in a great location, is in great repair, or has other add-ins, the value will "bounce back" faster than average property.

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Finally, if you have Second or Third mortgages, but little or no equity, these debts can be converted to unsecured obligations, and paid of at a fraction  of their amount along with other unsecured debts, such as credit cards, by filing a Chapter 13 Bankruptcy.   

CALL (702) 678-1999 now!

It's YOUR CHOICE, but you need the best help in making that decision.

You need an attorney with the knowledge and experience of Corey Beck. Put Corey Beck's MBA training and 12 + years to work for you!

CALL now (702) 678-1999 now!

There is no cost or obligation for an initial consultation.

Beware of Foreclosure scams.

Due to the weak housing market, the number of foreclosures is skyrocketing.

There are many individuals and companies who prey on homeowners facing foreclosure.

One common scam is to offer to buy your house and then rent it back to you. If you sell your house with a "QUIT CLAIM" deed, the mortgage is not satisfied, and the lender may continue with foreclosure.

Here is a REPORT on foreclosure scams by the National Consumer Law Center (opens in new window)