If you are considering obtaining, are processing, or are negotiating a loan modification (or other similar arrangement), such must be analyzed in light of bankruptcy law and bankruptcy's effect on same.
If you are contemplating the "short sale" option, you ought to first contact a bankruptcy attorney before commencing or continuing that option. A short sale might not be necessary if you are intending to file for bankruptcy relief.
Finally, it is prudent to consult with a tax professional regarding any tax consequences of implementing the various options, especially the nonbankruptcy options. Moreover, if you are contemplating filing bankruptcy, is wise and important to consult with a bankruptcy attorney before making a decision or taking actions such as a loan modification or a short sale.
For a free and confidential consultation, contact southern California bankruptcy lawyer Matthew B. Tozer.
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