The current economic crises has affected everyone. Unemployment is high, housing values are at record lows and credit scores are falling. This creates the perfect financial storm and people are the first to feel the impact. Sanchez Querry has found that every case is different and so is every legal strategy. We offer debt management services which includes:
- Loan Modifications
- Foreclosure Defense
- Short Sale Representation
- Bankruptcy Chapter 7
- Credit Card Negotiations
Loan Modifications
We will do our best to supply homeowners with the kinds of information that will help them stay in their homes. If you find yourself in a perilous financial situation, such as receiving a foreclosure notice in the mail , call us to provide guidance and solutions. Our firm can walk you through the loan modification process, as well as discuss your specific situation and all of the options open to you. They can also inform you about such things as bankruptcies, short sales and other potential options which may not be in your best interest.
Foreclosure Defense
Our team of experienced attorneys and support staff have helped hundreds of people save their homes from foreclosure each year. If you, a family member, or loved one is facing foreclosure, are behind on mortgage payments, or have received demand letters from an attorney, time is of the essence and it is important to act quickly in order to preserve and protect your home from foreclosure.
Often times, foreclosures occur because of unexpected events that happen suddenly and leave people with a feeling of helplessness, such as a death in the family, a costly divorce, job loss or salary reduction, or a mountain of medical bills. Sometimes it is an adjustable rate mortgage (ARM) that has caused your monthly mortgage payment to skyrocket or a forbearance or loan modification with your bank has not worked out. Perhaps it is difficult for you to communicate with your bank and get a straight answer from any one of your bank's revolving door employees who never seem to be there when you call back. Or worse yet, you keep getting put into your bank's voice mail system and are left feeling frustrated, alone and in limbo during this difficult time. Bankruptcy is a legal right people and businesses have to permanently get rid of excessive, burdensome and oppressive debts and obtain a fresh financial start. Bankruptcy laws, including the new bankruptcy laws let people take back control of their finances.
Short Sale
In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor (or rather the lender allows the home to be sold for less than what is owed to the lender currently). The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender usually for full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation as well as the negotiating powers of the person negotiating your short sale. Law firms can add credibility, because the lenders/servicers may be worried about the threat that attorneys have.
In short; a short sale is negotiating with lien holders for a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.
Lenders have a department (typically called a loss mitigation or work-out department) which processes potential short sale transactions, and these are the departments that we directly negotiate with. In all of our short sales transactions deficiency judgments, issurance of 1099 and credit report inferences are always a negotiation point with the lender.
Many people are using real estate agents/brokers these days to negotiate their short sales, and this is great as many of them are excellent at what they do, however we do recommend using an attorney in the process. Either to assist with the negotiations for an approval if needed or to review the contracts and approvals sent by the lender to make sure your legal interests are adequately protected. Real estate agents are not attorneys and are also subject to liability for guiding their clients in the wrong direction or not informing them of any legal liability they may be facing, so utilizing an attorney helps all involved, real estate agent and homeowner. For our full service short sale negotiations we include deficiency judgment, 1099 issuance and credit report negotiations for every one of our short sale or deed in lieu of foreclosures. We also offer these services on an ala carte basis. We work with realtors all the time.
Bankruptcy
Bankruptcy is a legal right people and businesses have to permanently get rid of excessive, burdensome and oppressive debts and obtain a fresh financial start. Bankruptcy laws, including the new bankruptcy laws let people take back control of their finances.
Before asking how to file for bankruptcy, it's advisable that you understand which bankruptcy chapter can suffice your need. Whether you require a consumer bankruptcy, business bankruptcy, want to stop a foreclosure, wage garnishment, vehicle repossession, lawsuit, creditor harassment, annoying phone calls, utility shut off, or have a bankruptcy question, or have heard a bankruptcy myth, our firm can help you and even begin the process.
Our firm can answer your bankruptcy questions, give you bankruptcy help, bankruptcy advice and provide bankruptcy services; all tailored to your specific case requirements, after a confidential consultation. We have helped many, people, including generations of families escape the financially and emotionally destructive grip of high interest credit card payments and have carried their clients through the bankruptcy process to enjoy the satisfaction found in overcoming debt with dignity.
Credit Card Negotiations
If the major source of your financial worries is credit card debt — you have several different options available to you.
If the debt is extremely high and you have lost your job or have other unexpected expenses, then you may want to consider bankruptcy.
Under other circumstances, however, bankruptcy may not be the most attractive option. It may not even be the best option. Before you file a bankruptcy petition — and before your credit card companies seek wage garnishment to collect the debt — get advice about your credit card repayment options.
Credit card companies do not want you to know that you have negotiation power regarding repayment of your debt. If the credit card company will not negotiate lower payments or a reduction in the amount of the principal, you can always consider filing a bankruptcy petition in order to erase the debt or force a modification in the terms of repayment.
For these reasons, credit card companies often respond favorably to reasonable requests for modification of repayment terms. Often known as voluntary repayment agreements, these modifications may lower your interest rate, lower your monthly payment obligation and even reduce the amount of the principal.
