Strombotne Law Firm

Is a “strategic default” right for you?

An estimated 17 million homeowners in the United States owe more on their mortgages than their homes are worth.  These homeowners are “underwater”.  California, with its high mortgages and plunging home values, is one of the hardest hit states in the country.

California homeowners try as best they can to keep making their high monthly mortgage payments without knowing if they will ever recover their money or whether they are just throwing it away.  They don’t know if they should try to hold on, sell, or just walk away.  Most financially troubled homeowners don’t know their legal rights and are thus ill equipped to make financially prudent decisions.

Too often people’s emotions get in the way of clear financial thinking about their mortgages and their homes.  Most owners are too worried about feelings of shame and embarrassment after a foreclosure and ignore the powerful financial reasons for doing so.

The Strombotne Law Firm provides information, analysis and answers for these property owners in a one hour legal consultations.  During you private consultation, SLF’s experienced real estate lawyers will examine the following issues for your specific situation:

• Analyze your real estate assets and secured loans;
• Determine the best plan of action among the various choices including loan modification, refinancing, short selling, foreclosure, deed-in-lieu, rental or equity share etc;
• Perform a financial analysis of the cost savings for the various choices;
• Conduct a legal analysis of whether the lender can collect any deficiency on the loans;
• Evaluate credit damage;
• Consider income tax consequences of debt forgiveness, and
• Discuss the foreclosure process

At the conclusion of an underwater consultation, you will have a good understanding of your choices, the legal and financial consequences, and a strategic plan of action.

Please call or email to set your appointment.