San Jose Attorney Helping You Understand Bankruptcy, Foreclosure and Short Sales

Having your primary residence go into foreclosure or needing to sell it through a short sale is not a sign of failure. There are many reasons a person can fall behind on his or her mortgage payments — job loss, unexpected expenses, sudden illness or injury. Maybe you were a victim of mortgage fraud. Perhaps your once affordable house payment has become unmanageable due to an adjustable interest rate.

No matter the case, it is possible temporarily halt foreclosure through bankruptcy, if you so choose, or to let your house go if doing so is in your best interest. Whatever your choice, it is important to have experienced bankruptcy counsel to protect you from future liability.

At the offices of David A. Yomtov, Attorney at Law, in San Jose, California, we understand the sometimes-compelling need to save your home from foreclosure. While we are not a mortgage broker or realtor's office, we do work collaboratively with those professionals to coordinate bankruptcy and mortgage modification. We have a network we can and do refer clients to, so they can get the debt relief assistance they need.

Contact us to schedule a free consultation with David Yomtov, a San Jose bankruptcy lawyer who is experienced in helping clients find options for debt relief.

Postponing Foreclosure — Keeping Your Home

If you have fallen behind on mortgage payments and are at risk of losing your home to foreclosure, options are available to help you keep your home. If you are eligible to file for Chapter 7 or Chapter 13 bankruptcy, an automatic stay can be put in place. This stay will temporarily halt foreclosure actions. Depending on the terms of your bankruptcy, you may be qualified for a redemption period in which you can become current on your payments.

Another option for avoiding foreclosure involves refinancing your mortgage. Although we are not a brokerage firm and it is not our primary role, we may, at times, negotiate with your mortgage broker in an attempt to secure a lower interest rate, which in turn lowers your monthly payment.

Many banks are working with debtors to modify mortgages. In addition, the government is adding support by developing programs to aid struggling homeowners. There are also several agencies available to assist distress homeowners.

Is a Short Sale of Your Home an Option?

If you have decided to walk away from your primary residence, you also have options to consider. Once the foreclosure process has begun, your mortgage company may be willing to negotiate a short sale in an effort to sell your home. A short sale has a lesser impact on your credit than a foreclosure.

In a short sale, your home is put on the market. Bids are taken from potential buyers and presented to your mortgage company. They then have the choice of accepting a bid or rejecting all offers and moving forward with foreclosure proceedings.

Although we are not a real estate brokerage or sales office, we can connect clients with potential realtors who might be able to assist them in the short sale process.

Contact a Foreclosure Attorney for Guidance in the Sunnyvale Area

At our firm, we help clients avoid foreclosure and get the debt relief they need through bankruptcy. We can help you understand your foreclosure, short sale and bankruptcy options. Contact David Yomtov, a foreclosure lawyer helping clients in Sunnyvale and the surrounding communities, to schedule a free consultation.

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