{"id":228,"date":"2009-10-13T10:51:34","date_gmt":"2009-10-13T17:51:34","guid":{"rendered":"http:\/\/www.ryanalexander.us\/?p=228"},"modified":"2011-11-16T09:42:54","modified_gmt":"2011-11-16T16:42:54","slug":"bankruptcy-foreclosure-short-sale","status":"publish","type":"post","link":"https:\/\/ryanalexander.us\/?p=228","title":{"rendered":"Bankruptcy? Foreclosure? Short Sale?"},"content":{"rendered":"

Many potential clients want to know whether they should file bankruptcy before, during, or after the process of getting rid of a home. This is a very<\/em> common situation right now in Las Vegas. \u00a0Chapter 7 “Liquidation” bankruptcy doesn’t affect secured debts like home mortgages and car loans, but can get rid of debt left over from a home that has been lost (“deficiency” debts). \u00a0Once the home is sold, surrendered or auctioned this debt becomes unsecured by the title of the home and can be dismissed by a bankruptcy.<\/p>\n

Although each situation is different, generally the order of preference to get rid of a home is<\/p>\n

    \n
  1. Short sale<\/strong> with an arrangement with the lenders to not have a deficiency debt. \u00a0Effective but difficult to arrange if there are two lenders. \u00a0Sometimes the second mortgage lender will accept a nominal settlement amount.<\/li>\n
  2. Deed in lieu of foreclosure<\/strong> (surrender to the lender) with an an agreement to not have deficiency. This doesn’t work with separate lenders on 1st and 2nd mortgages.<\/li>\n
  3. Chapter 7 Bankruptcy<\/strong> with surrender in plan. \u00a0During the bankruptcy proceeding the surrender of the home can be arranged, and it can eliminate the unsecured deficiency at the same time.<\/li>\n
  4. Foreclosure<\/strong>… and then waiting to see if they the lenders come back for the deficiency. \u00a0The downside is that the deficiency will sit on your credit for years, and likely be sold off to zombie debt collectors who will re-emerge after years to harass you. \u00a0If they do, then we can resort to a bankruptcy.<\/li>\n<\/ol>\n
    If you would like to set a free consultation to talk to attorney Ryan Alexander about your Nevada bankruptcy, call us at (702) 222-3476.<\/div>\n

    <\/p>\n

    \n
  5. Hawaii Home Loans<\/a>\n<\/li>\n
  6. Mortgage Loan Modification Hardship Letter<\/a>\n<\/li>\n
  7. 1003 Mortgage Loan Application<\/a>\n<\/li>\n
  8. Payday Loans Houston Texas<\/a>\n<\/li>\n
  9. What Is A Hud Home Loan<\/a>\n<\/li>\n
  10. Personal Loan Payoff Calculator<\/a>\n<\/li>\n
  11. Loan Without Bank Account<\/a>\n<\/li>\n
  12. Sally Mae Loan<\/a>\n<\/li>\n
  13. Refinance Timeshare Loan<\/a>\n<\/li>\n
  14. Road Loans Bad Credit<\/a>\n<\/li>\n
  15. Va Streamline Loan Rates<\/a>\n<\/li>\n
  16. Missouri Payday Loans<\/a>\n<\/li>\n
  17. Credit Union Motorcycle Loan<\/a>\n<\/li>\n
  18. Personal Loan Payment Calculator<\/a>\n<\/li>\n
  19. Fha Mobile Home Loans Requirements<\/a>\n<\/li>\n
  20. Loan Calculator With Interest<\/a>\n<\/li>\n
  21. Personal Loans In Houston Tx<\/a>\n<\/li>\n
  22. Sba Loans For Women<\/a>\n<\/li>\n
  23. Wells Fargo Medcap Loan<\/a>\n<\/li>\n
  24. Nih Loan Repayment<\/a>\n<\/li>\n
  25. Cash Loans Montel Williams<\/a>\n<\/li>\n
  26. Mortgage Loan Arm<\/a>\n<\/li>\n
  27. Credit Union Loan Specials<\/a>\n<\/li>\n
  28. Military Student Loan Repayment<\/a>\n<\/li>\n
  29. Do I Have An Fha Loan<\/a>\n<\/li>\n<\/div>\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    Many potential clients want to know whether they should file bankruptcy before, during, or after the process of getting rid of a home. This is a very common situation right now in Las Vegas. \u00a0Chapter 7 “Liquidation” bankruptcy doesn’t affect secured debts like home mortgages and car loans, but can get rid of debt left […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[8],"tags":[51,54,55,75,76,65,52,77],"_links":{"self":[{"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/posts\/228"}],"collection":[{"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=228"}],"version-history":[{"count":6,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/posts\/228\/revisions"}],"predecessor-version":[{"id":854,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=\/wp\/v2\/posts\/228\/revisions\/854"}],"wp:attachment":[{"href":"https:\/\/ryanalexander.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ryanalexander.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}