Short Sale vs. Ch. 13

Short Sale vs. Chapter 13 Bankruptcy

If you are behind in your payments yet you are thinking you may want to keep your home you may be trying to evaluate whether a Chapter 13 or short sale may be better for your situation.

Chapter 13 Bankruptcy

A Chapter 13 is best for those who really want to keep their homes, are behind in their mortgages and who are not significantly upside down in their mortgage to value ratio. It can take the delinquent payments and put them into a repayment plan spread over 5 years. However this repayment plan would be on top of the current monthly amount that you pay for your mortgage(s), so if the delinquent payments are high this may make a Chapter. 13 repayment plan not affordable for your income.

You have to also look at it from a financial perspective. You will be paying a lot of your disposable income to a home that may be many thousands if not hundreds of thousands of dollars upside down. It may not make the best financial sense and it may be better to short sale the home and allow for more disposable income.

When is a Short Sale a Better Choice?

A short sale is a better option for you if your home is extremely upside down, if the amount you owe in delinquent payments is high or if you simply do not want to keep your home anymore. Often times clients who may be in a Chapter 13 to save their home who may change their mind later are able to short sale it and then convert to a Chapter 7 which saves them a lot of money and entirely liquidates and gets rid of all of their dischargeable debts. This puts them in a much better position financially.

Sacramento Short Sale Attorney

We are experienced Sacramento Short Sale Real Estate Attorneys and Sacramento Short Sale Realtors. We are a unique and powerful combination and can help you with your real estate legal issues and short sales.  We have helped thousands of people with pressing real estate issues find solutions and relief through the use of short sales, deed in lieu of foreclosures, strategic foreclosures, mortgage debt settlements and legal real estate review and advice.  

Our short sale real estate attorneys have achieved proven results and can give you the great legal advice and strategy needed to get you the results you want. Contact us today to schedule your complimentary attorney consultation by clicking HERE or by calling 916-999-1376. We look forward to helping you with all of your Sacramento short sale real estate needs.

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