Palmdale Investment Property Foreclosure Lawyers
Investing in real estate is a smart way to plan for your future and retirement, but you are vulnerable to market changes with rentability and fluctuations in costs. When you are not collecting enough in rent to cover your expenses, you could soon fall behind with bills. One of the most important is the mortgage, since the property serves as security for the loan. A lender has the ability to foreclose, putting your investment at risk.
Your situation may seem challenging, but there are options to prevent your investment property from being taken away. Some involve direct dealings with the lender, while others may include bankruptcy. It is critical to understand how these strategies impact your interests, so trust Wadhwani & Shanfeld to counsel you on the relevant concepts. Once we determine the right fit, we will guide you through the legal steps. Please contact us to speak to a Palmdale investment property foreclosure lawyer. We can schedule a consultation to discuss details, and a summary is helpful.
Options for Protecting Your Investment
When foreclosure is looming and you worry about action by the bank, there are some strategies to consider.
- Loan Modification: You work with the lender to change the terms of your mortgage via reduced monthly payments.
- Forbearance: For temporary relief, you could arrange a forbearance with the lender to reduce payments or skip them for a few months. These amounts are tacked on to your balloon payment at the end of your mortgage period.
- Short Sale: If you do not see a financial downturn going back up, this is an option to limit your losses. You will lose the investment property, however. You will sell it for less than the debt, and this amount goes to the lender.
Bankruptcy Considerations
There are many factors that affect the type of bankruptcy for your circumstances, but both Chapter 7 and Chapter 13 offer an important feature. As soon as you file, there is an automatic stay on all collection efforts by creditors. They cannot initiate or proceed with any foreclosure on your investment property.
Why Legal Help is Crucial
The most important reason to retain experienced legal counsel is that you have numerous options for relief. There is the right fit out there, but you might not know how the benefits affect you. At Wadhwani & Shanfeld, our process starts with an in-depth analysis of your circumstances. We can guide you in making the right decision for your investment property.
When Chapter 7 or Chapter 13 are beneficial, our Southern California bankruptcy lawyers will stop foreclosure right away by filing. We will also assist with all other tasks with the process.
Contact a Palmdale Investment Property Foreclosure Lawyer
You work hard to maintain and earn income from investment property, so it is smart to consider all opportunities to protect your interests. Wadhwani & Shanfeld will advise you on the options that are available and make financial sense, so please contact us. We can set up a consultation with a Southern California investment property and foreclosure lawyer.
