Ethical Representation at a Critical Time
There is tremendous anxiety and confusion when homeowners experience financial hardship that can affect the decision to make timely payments on their mortgage. It is critical that homeowners understand the options and legal strategies available to them for retention or disposal of their real property. The attorneys of Advocates Law Group have extensive experience advising buyers and sellers of distressed residential and commercial real property.
Some questions can clarify what is a distressed real property:
- Can the owner afford the mortgage payments?
- Is the property worth less than what is owed on it? This is known as being “underwater.”
- Is the homeowner close to default or already behind on payments?
What options may be available?
There are several available options including short sale, deed-in-lieu of foreclosure or possible loan in the event the homeowner wishes to attempt to stay in the property. Each of these options has serious legal and tax consequences that require competent advice from professionals.
Why use an attorney?
All the risk mitigation options available to homeowners in distressed properties are complex transactions involving numerous legal issues as well as financial risk. Legal language in these contracts can be fully interpreted only by an attorney who specializes in distressed property transactions. Owners may incur severe mortgage deficiency liability and unintended tax consequences in their attempt to dispose of a distressed property without the help of a qualified attorney assisting in the process. In addition, homeowners who may be facing foreclosure can be susceptible to various rescue scams that often cost large sums of money without results and may end up with loss of the property entirely.
Advocates Law Group can help.
We ensure the owners of distressed properties understand all their legal options, help them develop an appropriate strategy for retention or disposition of the distressed real property, and provide legal guidance and assistance in achieving their desired goal of property retention or disposition.
The attorneys in our Distressed Asset Practice Group have considerable experience negotiating short sales, deeds-in-lieu of foreclosure, loan modifications, foreclosure defense and mediation, and loan workouts with lenders. Our depth of experience in the collections, banking, mortgage lending and finance industries provides us with the unique ability to expertly defend and/or settle claims for mortgage deficiency liability and other issues related to distressed real property dispositions, including representing borrowers participating in the Washington Foreclosure Mediation Program.
When experience counts and cost matters, contact the Attorneys of
Advocates Law Group:
- Pat Johnson