Short sales (selling a home for less than its value) and foreclosures, are more common these days, but are not necessarily the right prescription for homeowners facing decreasing property values, especially when the borrower can continue to afford mortgage payments. A recent article, expresses surprise at homeowners facing responsibility for a loan deficiency. This result is the combination of the poor real estate market and lenders’ need to enforce the terms of their original contract.
Simply put, a short sale with a release of title is not enough. A release of any loans owing on the property needs to be negotiated as well or the short sale is little more than a foreclosure in practice. Former property owners whose homes were foreclosed upon even several years prior would be well-advised to carefully review their credit report in order to determine that they still do not owe for such accounts. A qualified real estate attorney in your area should be able to inform you of your liability to pay a loan after short sale and may refer you to a qualified bankruptcy practitioner who can help you possibly discharge or at least work out this debt.
February 3rd, 2010 by Administrator
While bankruptcy is a viable option for consideration by many, some might want to hesitate before taking this path based on their circumstances regardless of the severity of their financial situation. In particular, non-citizens seeking citizenship would not want a bankruptcy filing to result in a denial of their application for naturalization. I have aided an acquaintance in such a situation by negotiating repayment terms with creditors short of filing for bankruptcy. Thankfully, this individual also had the fortune of beginning new employment after a period of being out of work and unable to even make rent payments. While not everyone may have such opportunities, careful consideration of bankruptcy alternatives, already required by law for bankruptcy filers, might be a good way to leave the path to citizenship open. It is extremely important for people seeking citizenship to consult first with an experienced U.S. immigration attorney about the consequences of a bankruptcy filing on their application for naturalization. The immigration attorney might themselves direct their client to a bankruptcy attorney in the client’s jurisdiction for further information about bankruptcy.
May 18th, 2009 by Administrator
Attorney Sanjay Sankaran focuses on the practice of Consumer Bankruptcy law according to the U.S. Bankruptcy Code. He is admitted to practice law in the state of Massachusetts. He has over 5 years experience as an attorney, having previously worked in a general civil litigation firm before hanging his own shingle in the Summer of 2008.
Attorney Sankaran is a member of the Massachusetts Bar Association. He is the former chair of the Young Lawyers’ Division of the Massachusetts Bar Association. He is also actively involved with the South Asian Bar Association of Greater Boston.
You can learn more about his law firm and services here.
Contact information:
Physical address: 45 Merrimack Street, Suite # 330, Lowell, MA – 01852.
Phone: (978) 970 – 1555
Fax: (978) 441 – 3144
Email: sanjay @ ssanjaylawoffice.com
March 3rd, 2009 by Administrator
