Are You Still Underwater On Your Mortgage?
While it has been over a decade since the burst of the housing bubble, many homeowners across the Atlanta-metro area continue to experience the devastation of not being able to pay off their mortgages by selling their homes. As such, these homeowners are considered “underwater” on their mortgages.
To be clear, being underwater on a mortgage doesn’t prevent a family from selling their home. It simply means that they cannot do so without taking a substantial loss. In other words, there’s a huge discrepancy between their mortgage and the true value of their home. Moreover, it also means that homeowners cannot take money from their home (through refinancing) to cover an unexpected expense. While there has been a steady increase in the housing market, it is painfully slow.
Are you still underwater on your mortgage? Are you in a position where you need a quick solution? Perhaps you’re hoping to avoid foreclosure. Maybe you need to sell because you are going through a divorce, or you have accepted a job elsewhere and need to relocate. Whatever the case, the premier bankruptcy law firm Gingold & Gingold, LLC, can help, as we hold extensive experience helping clients get out of underwater mortgages.
How Filing Bankruptcy Could Ease The Underwater Mortgage Crisis
AllLaw explains that filing a bankruptcy case might give homeowners the tools they need to make the mortgage easier to justify while waiting on the value to increase. Thus, options include filing Chapter 7 or Chapter 13 bankruptcy, and other options depend on which chapter one files. Even so, once a filing is complete, the responsibility of a homeowner to pay the debt is discharged. In a basic sense, a bankruptcy discharge prevents a creditor from coming after someone to pay a debt.
Gingold & Gingold LLC: Protecting Your Home
As caring and compassionate bankruptcy attorneys, the team at Gingold & Gingold LLC realizes that the thought of losing one’s home is terrifying and incredibly stressful. Yet, we have the skills and knowledge to help homeowners across the Atlanta metro area avoid this loss by protecting their home.
Call Gingold & Gingold LLC today for a free initial consultation to discuss your options.
Gingold & Gingold LLC
Atlanta, GA 30309