Loss Mitigation is the process of having a third party, like an attorney, to negotiate with the bank about your mortgage. The process is to help the bank agree to how much they are willing to lose in the process of helping you keep your home. 

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A short sale is an option available to you in the loss mitigation process. Sometimes, selling your home is the only way to avoid a foreclosure; but if your home has lost value, no one will want to buy a house that is worth less than they paid for it. So a short sale is when the bank agrees to accept less than you owe on the house, so someone would be willing to by it.

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More on Short Sales

Tuesday, 15 October 2013 by

When you do a short sale, there is a portion of your debt that is outstanding. If not handled properly with competent representation, it is possible that you can taxed on the difference forgiven, since it is considered income to you. So what are your options? Bankruptcy might have to be a consideration.

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What Is Bankruptcy

Monday, 14 October 2013 by

Many people fear the word bankruptcy. The stigma that comes from have to default on your debt. But Bankruptcy is an opportunity to reset your financial clock, provided by the courts to give you an opportunity to start all over again. While it’s something to take seriously and as a last resort, when needed, it’s a tool that can allow you relief. 

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