CAN I RETRAIN WITH WORKERS COMPENSATION

The more equity in your home the more beneficial it is to the lender to foreclose. While foreclosure makes the lender whole, it may be a financial disaster for you. Your home is gone, your equity is gone, your credit is negatively affected, and you incur the costs of moving. You should always try to avoid foreclosure even if it means selling your house. There are ways to avoid foreclosure like contacting your lender as soon as you realize you have a problem. Lenders may be able to assist you in lowering your payments. Be sure to prioritize your spending and you may be able to reduce your monthly expenditures – by putting a membership on hold. If you are behind on your home mortgage filing for bankruptcy may allow you to keep your home. Free Consultation Walking away from a home that is worth less than the mortgage debt is not simply a financial decision, it is a moral dilemma. University of Arizona associate professor of law Brent T. White argues in a paper entitled “Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis” that Americans who own homes that have depreciated far below the amount owed would be better off walking away and renting. In this paper recently featured by the Wall Street Journal Online, Mr. White says homeowners are kept in these “upside-down” homes by feelings of fear, shame, and guilt that are encouraged by politicians and bankers. Free Consultation No one wants to walk away from a family home, but one should consider the financial consequences of staying. You should compare rents in your area. If they are substantially lower, then renting may suit you better. however, the tax write off from a mortgage should figure in the calculation. Depending on your tax bracket, you house payment may be written off upt to 30%. If you have a first trust deed, in California they cannot get a deficiency. Further, there is pending legislation to extend this second mortgages on your home. Call the Jolley Smith Law Office if you want to discuss this issues. 559-320-7028