Retain or Surrender Secured Debt in Bankruptcy?

Retain or Surrender: Deciding What to Do with Secured Debt in Bankruptcy -- LEE LEGAL -- DC VA MD Bankruptcy Lawyer

Secured debt in bankruptcy is treated differently than unsecured debt. In a Chapter 7 bankruptcy, loans securing property may exempt that property from liquidation. Chapter 13 bankruptcy, on the other hand, allows you to repay over time any defaulted amounts on secured loans. Often the most important question revolves around whether to retain or surrender […]

Setting Realistic Foreclosure Defense Objectives

If you are facing foreclosure, you must take a pragmatic, level-headed approach to your foreclosure defense objectives. Often time is of the essence, and it will do you no good to explore unrealistic avenues of resolution. One important service that a good foreclosure defense attorney will provide to you is helping you to set realistic […]

How to Prevent Vehicle Repossession

How to Prevent Vehicle Repossession

If you fall behind on car payments, you run the risk of repossession. Some lenders are quicker than others to repossess, but most wait until the third month of non-payment. There are several methods to prevent vehicle repossession. Your lender may warn you via correspondence that repossession is possible. But no lender will warn you […]

9 Options When You Can’t Afford Your Mortgage Anymore

Owning a home comes with a lot of responsibility. But the toughest part of owning a home may be realizing that you you can’t afford your mortgage anymore. Lots of different circumstances can lead to an unaffordable mortgage payment. But you have options if you take a proactive approach. 9 Options When You Can’t Afford […]

Foreclosure Non-Retention Options

If you have a property in foreclosure, your mortgage lender will likely send you all sorts of correspondence. You may have modification or reinstatement options, which is great if you want to retain the property. But for a variety of reasons, the bank or servicer may not be willing to entertain modification or refinance. In […]

When It’s Time to Give Up Your Home to Foreclosure

When It’s Time to Give Up Your Home to Foreclosure - Lee Legal

Washington, D.C. homeowners facing foreclosure should very carefully examine their options, including voluntary surrender.  Three conditions primarily determine when it’s time to give up your home to foreclosure. Affordability. If you can’t make your monthly mortgage payment anymore, remaining in your home may be economically unsustainable. Equity. If you sold your home on the open market, […]

What Will Happen to My Timeshare in Bankruptcy?

What Will Happen to My Timeshare in Bankruptcy -- Lee Legal

I frequently have bankruptcy clients who own timeshares with Blue Green, Marriott, Starwood, Westgate, Wyndham, Hilton, Powhatan, Playa Linda, etc. These clients often want to know: What Will Happen to My Timeshare in Bankruptcy? Have you ever seen the movie The Queen of Versailles? If you own a timeshare, you should give it a look. The […]

Bankruptcy Could Save Your Home

Bankruptcy Could Save Your Home

If you are coping with foreclosure, bankruptcy could save your home. While bankruptcy might not just make your mortgage go away, if you want to keep your home, bankruptcy gives you options. Whether or not you’re facing foreclosure, bankruptcy could make your home both more affordable and more valuable. You have other options besides bankruptcy, […]

What is the Statement of Intention?

What is the Statement of Intention?

When a homeowner files for Chapter 7 bankruptcy protection, the very first page of the bankruptcy filing that the mortgage company turns to is the Statement of Intention. The Statement of Intention (or Statement of Intent) discloses the debtor’s intention toward secured property, like cars and homes. In the Statement of Intention, the debtor states […]