Lee's Summit, Missouri 64063
Toll Free: 1-855-524-4949
Fax: 816-524-4963
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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If you are facing a foreclosure on your home, vacation home, or real estate, we may be able to help. In some situations, a Chapter 13 bankruptcy can restructure your financial situation in order to allow you to be able to take your home or real estate out of foreclosure and catch you up on the back owed payments. We can help save houses in Missouri, Kansas, and Oklahoma.
However, if a Chapter 13 bankruptcy is not feasible in your situation, we can help you find other alternatives to saving your house from foreclosure and keeping your family in your home.
A foreclosure is the legal proceeding of a creditor to repossess the collateral for a loan that is in default. This means that your mortgage company will attempt to gain possession of your house when a number of mortgage payments have been missed and you have not sold the house on your own.
When your mortgage company forecloses on your house, they take your house and sell it at auction to the highest bidder. If your house does not sell at auction for the total amount you owe the bank for your mortgage, then the bank may have the option to go after you for the difference.
For example, let us pretend that you owe your mortgage company $100,000 for your home. You become behind on your mortgage payments and the bank decides to foreclose on your home. The bank then sells your house at auction to the highest bidder for $65,000. This means that the bank was shorted $35,000 because of the foreclosure. In order to get the rest of their money, the bank can then sue you for the remaining $35,000 that they are owed.
This process of going after you for the mortgage and auction price difference is called a deficiency judgment. However, the bank may decide not to sue you and write off the remaining amount you owe. If the bank writes off this amount, the amount of canceled debt may be taxable to you.
Contact the Law Office of Camron Hoorfar, PC in order to stop your foreclosure and save your home. We may be able to help your family stay in your house using bankruptcy, debt negotiation, mortgage modifications, or short sales.
