Sherman Oaks Investment Property Foreclosure Lawyers
If you are facing foreclosure on an investment property, you have options, but you need to take action quickly. The Sherman Oaks investment property foreclosure lawyers at Wadhwani & Shanfeld can help you retain ownership by filing for bankruptcy, restructuring the loan, or forbearance. If these solutions are unattainable, we can help you extinguish your debt by completing a short sale or transfer a deed in lieu of foreclosure.
What Are My Options?
If you are facing foreclosure, there are options to save your investment property from foreclosure sale, options to rid yourself entirely of the debt by getting the property off your hands, and options to protect your other assets from seizure. These include the following:
- Negotiate a Mortgage Modification—Modifies the mortgage in some way that makes it more affordable to pay
- File for Chapter 13 Bankruptcy—Creates a repayment plan lasting 3-5 years
- File for Chapter 7 Bankruptcy—Liquidates unsecured debt, potentially freeing up resources to pay the mortgage on your investment property
- Forbearance Agreement—Delays or reduces mortgage payments and at least temporarily stops foreclosure
- Short Sale—Sells the property for less than the amount that owed to the bank
- Deed in Lieu of Foreclosure—Gives the lender the deed to the property
Can the Bank Take My Primary Residence?
Under most circumstances, a lender will not be able to seize your primary residence if you have defaulted on your investment property mortgage. The lender will, of course, be able to seize the investment property itself in foreclosure. Furthermore, if additional property was put up as collateral, the lender may be able to seize that as well if the foreclosure sale does not financially satisfy the debt owed to the lender.
If the loan on the investment property was only issued because you put up collateral, such as a vehicle, personal property, or other real estate, the lender may be able to seize said property during a foreclosure sale. And, if that collateral included your primary residence, you may be in danger of losing that home. As such, it is vital that you work with an experienced attorney who will aggressively defend your assets if you are in danger of foreclosing on an investment property.
Tools to Shield Your Personal Assets
It is sometimes recommended that individuals insulate their commercial real estate, including residential investment properties, from their private property. The easiest and most useful taxable business entity to set up is an LA or S-corporation. By creating a separate business entity in which the investment property is held, if you cannot pay the mortgage on an investment property you do not risk losing any of your personal property, including your home, in foreclosure.
Call a Sherman Oaks Investment Property Foreclosure Attorney Today
Whatever your particular situation entails, the Sherman Oaks investment property foreclosure attorneys at Wadhwani & Shanfeld are confident in their ability to help, whether that means negotiating a mortgage modification, filing for bankruptcy, or performing a short sale. Call us today at 899-996-9932 to schedule a free consultation.