A Foreclosure Defense Attorney in Santa Barbara Shores can help defend you against a Deficiency Judgment. Did you know that after a Foreclosure Sale, your lender can get another judgment against you for the difference between what you owed and the value of your property? Even worse, if you don’t defend yourself in the Foreclosure, they don’t have to tell you that they are asking the Court for the Deficiency Judgment. Worse yet, the Judgment is good for 20 years and they can use it to seize your bank account or garnish your wages. Talk to a Foreclosure Defense Attorney in Santa Barbara Shores today and protect your rights.
A Foreclosure Defense Attorney in Santa Barbara Shores can help you find the solution that is right for you. Not all loans are created equal, and neither are all Foreclosures. If your loan was sold into a Securitized Trust Pool on Wall Street (if you took out a loan between 2002 and 2007 there is a good chance that is was), your “lender” may have a difficult time proving that they “own” your mortgage and have the right to take your home away from you. A Foreclosure Defense Attorney in Santa Barbara Shores can beat the bank at its own game make sure that you have your day in Court. Don’t let someone take your home without a fight.
Stuck in debt and don’t know what to do? Talk to a qualified Bankruptcy Attorney in Santa Barbara Shores to find out what kind of relief is best for you. There are various chapters in Bankruptcy, but the ones most important to consumers in Santa Barbara Shores are Chapters 7 and 13. What is important to know about these two different types of Bankruptcy is that a Chapter 7 is basically a liquidation in which the Trustee “liquidates” or sells your non-exempt assets and uses the proceeds to settle with your creditors for pennies on the dollar. A Chapter 13 is basically a 3-5 year repayment plan.
A Chapter 7 Bankruptcy authorizes the Bankruptcy Trustee to liquidate your non-exempt assets and “liquidate” or sell them in order to settle your debts for pennies on the dollar. The important question is then, what assets are exempt? As a good Bankruptcy Attorney in Santa Barbara Shores and he will tell you that your home is exempt, you are allowed up to $1000 of equity in your vehicle, $!000 worth of personal property (think garage sale value). On top of that your 401(k) and most IRAs and life insurance policies are exempt. Talk to a Qualified Bankruptcy Attorney in Santa Barbara Shores to learn more.
A Chapter 13 Bankruptcy is a repayment plan. Once your bankruptcy is filed your attorney will file a Chapter 13 plan with the Court and ask the Trustee to approve it. Your plan, essentially consists of 90% of monthly disposable income (your gross income minus taxes and regular living expenses) being paid to the Trustee who uses that money to pay off your secured debts first (mortgage, car payments, etc) and then to pay your unsecured debt (credit cards, medical bills, etc) for pennies on the Dollar. A Bankruptcy Attorney in Santa Barbara Shores can help you figure out what type of Bankruptcy is best for you.