1927 7th Street

   Tuscaloosa, AL  35401
  205-286-8111

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Bringing peace of mind to the people of Tuscaloosa, Walker and surrounding counties.

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BK Frequently Asked Questions, Part II: If my home is worth less than my first mortgage, is there anything that I can do about my second mortgage?

Posted on September 24, 2013 at 12:00 AM

Many of my clients who first come in to see me have been struggling with their debt for some time. Some for half a decade or longer. When I have a client who has a second mortgage on their home from back in the days when property values were rising each year, most of the time that second mortgage is no longer secured by equity in the property. In other words, their first mortgage is for more than the entire property is currently worth. Some clients ask if something can be done about that ...

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Would a short sale be a better option for me than a deed in lieu or a bankruptcy?

Posted on May 25, 2013 at 12:30 AM

As discussed in the last entry concerning a deed in lieu for delinquent mortgage situations, a short sale is another commonly contemplated resolution for homeowners looking for a fresh start. A short sale on one’s primary residence when behind on the mortgage can be a welcome alternative to a foreclosure. This occurs when you seek to sell your property to a willing buyer for less than what you owe on the property. There are several potential issues to keep in mind though before proce...

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What if I cannot afford to keep my house? Can I give it back with a deed-in-lieu-of-foreclosure?

Posted on May 21, 2013 at 4:35 PM

In my last entry in this blog, I discussed how you can use a Chapter 13 bankruptcy to stave off a foreclosure and keep your house if you can afford to keep up the payments on it in the long run. However, there are many circumstances where you the homeowner may not want to keep the property. You may owe much more than the property is worth. Or you cannot afford to make the mortgage payments and cannot successfully get a mortgage modification. Or you just may not want to keep fighting for ...

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Can bankruptcy help me if I am facing a foreclosure?

Posted on May 9, 2013 at 12:10 AM

Yes.  If you are like most people you have found that it has been a struggle to make mortgage payments over the past few years.  Depending on your mortgage company (or more likely its servicer), you may have several months or a year or more of missed or partial payments.

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