Losing Your Home on Your Terms

As you and your bankruptcy lawyer evaluate your options in a Chapter 13 bankruptcy, you may decide you are better off without the house. How can you avoid foreclosure? Talk to a bankruptcy attorney at Coggins & Johnston law firm in Rocklin, California, about a short sale or a deed in lieu of foreclosure.

Call (916) 797-1397 for a free consultation with a foreclosure attorney.

Sometimes, even after examining the numbers every way possible, the end result keeps being the same: You cannot afford to keep your home even with the help of Chapter 13 bankruptcy. If your income is drastically reduced or if your mortgage is one debt too many in a Chapter 13 reorganization, what are your options?

You can take action to avoid having a foreclosure on your credit report.
A short sale may make sense in your case. Can you find a buyer ready to buy your home but for less than you owe on your mortgage? Both you and the bank are aware that your home may be worth less than when you bought it. If the bank approves (and you must have their approval), you may be able to arrange a short sale that satisfies your mortgage obligation.

You may also consider a deed in lieu of foreclosure. That means you can give up all claim to the house and hand the deed to the mortgage holder. The bank may not want the property, but it may be the best option for both you and the bank.
Whatever you decide to do, do not make a final decision or sign papers for a short sale or a deed in lieu of foreclosure until you have reviewed your decision and all documents with an experienced bankruptcy attorney.

Know your options and the implications. Contact a lawyer.
The first consultation is free at Coggins & Johnston law firm. It will give you a chance to get answers to your questions and make an informed, educated decision about how to handle your mortgage in a bankruptcy. No matter what your decision, we can help you end the financial struggle and get a fresh start.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

The Coggins & Johnston law firm in Rockllin, California, represents bankruptcy and foreclosure clients in Sacramento, Roseville, Rocklin, Granite Bay, Lincoln, Citrus Heights, Davis, Rancho Cordova, Folsom, Woodland, Carmichael, North Highlands, Yuba City, Fair Oaks, Orangevale, El Dorado Hills, Auburn, Placerville, Gold River, Loomis, CA, and other communities in Placer County, Sacramento County, Yolo County, El Dorado County, Yuba County, Central California and Northern California.