Underwater Mortgages

 

Helping Clients Get Out Of Upside-Down Home Loans

Are you underwater on your mortgage? Are you looking for a way out of your current situation that will enable you to get your finances back on track? If so, our experienced bankruptcy lawyers at the Atlanta law firm of Gingold & Gingold LLC can help.

Our firm is made up of Ira D. Gingold, who has been a bankruptcy lawyer since 1971 and Court-appointed Bankruptcy Trustee from 1971-2013, and Jamie L. Gingold, who has practiced bankruptcy, real estate and business law in Georgia since 2001. As one of the premier bankruptcy law firms in the region, we have extensive experience helping clients get out of underwater mortgages.

What To Do When You Have Negative Home Equity?

According to Zillow, the Atlanta metro area is one of the hardest-hit areas of the country for underwater mortgages, with 55 percent of homeowners owing more on their loans than their homes are currently worth. Homeowners under 40 are especially likely to be underwater.

While some underwater homeowners can afford to hold out until prices increase, others cannot and need solutions. Our attorneys can help you decide what to do if:

  • You can't afford your mortgage payments and are facing the threat of foreclosure;
  • You are going through a divorce, and neither spouse wants to keep the house; or
  • You have to move to accept a new job or accommodate a larger family.

In many cases, bankruptcy is the best option for wiping out an underwater mortgage. Unlike a short sale, bankruptcy wipes out any deficiency balance that is left over after you sell or give up your home. Bankruptcy also offers major benefits for getting rid of second mortgages.

Stop Foreclosure · Contact Our Lawyers

If you are stuck in an underwater mortgage, our Atlanta attorneys can explain the choices available to you and help you file bankruptcy if you decide to go that route. For a free initial consultation, contact us at (404) 685-8800 or by e-mail.