Speak to a Real Estate Attorney: Thomson Law To Decide Short Sale or Bankruptcy

There are serious financial ramifications of selling your home in a short sale, losing your home in a foreclosure, or filing bankruptcy. Each of these financial strategies for dealing with debt and your home situation requires careful thought. But how do you decide which one is best for you? The real truth is that before you decide you need to speak to a qualified real estate attorney who is highly knowledgeable and experienced in looking at all of your options no matter whether they be: loan modification, bankruptcy, short sale or foreclosure.
Financial hardship is hard no matter what type, but what is worse is taking what you thought to be the best corrective action only to find out later that there are unnecessary lingering effects of what action you chose to take lurking out there in your future. To ensure you don’t make a mistake and wind up having an unnecessary long lasting clean up period you should speak to a qualified real estate attorney.
Every state has laws on its books designed to protect its citizens from being taken advantage of by lenders. One such state, Arizona, has some old laws dating back to the 1800’s concerning residential real estate. If you live in Arizona, and you are considering one of the variety of legal remedies for recovering from financial hardship, you may want to consider speaking to Thomson Law in Phoenix.
For example, filing bankruptcy isn’t the end all for your financial woes if you have a prior short sale on the books and you fail to mention that to your bankruptcy attorney. Your old lender could still file some legal action against you in an effort to collect their money – this could happen up to 6 years after your short sale is complete.

This is but one tricky situation out of a long list of scenarios where you may end up right back in the thick of a sticky financial mess if you are not careful. Oh, did we mention before you start any type of path to short sale or foreclosure or bankruptcy you should talk to a real estate attorney who has experience in these matters?