That lawyer was probably a BK lawyer and I’m guessing that just maybe he thinks BK is the solution to everyone’s problems.
I’ve seen odifications that greatly help homeowners and I’ve seen them that tdo nothing to help homeowners. I’ve seen (and done) short sales that greatly help homeowners and I’ve seen homeowners get screwed in short sales by agents that dont know what they are doing.
real example: I got a call about someone that was about to lose their home to foreclosure in 3 days. They had refinanced a few hundred thousand out of their longtime home in OC. The house was worth slightly more than the outstanding debt to the 1st. The first was about to foreclose and the recourse 2nd would have been wiped out. The sellers would have been liable for about $250,000. I got the first to postpone the sale for 45 days and said they would be paid in full without incurring foreclosure fees. I would also get all their penalties and fees incurred thus far paid. They gave me the chance to get it done. I got the property sold in 2 days at a price which left over $20,000 toward the 2nd. The sellers contributed $7,500 more out of their own pockets and the 2nd lender granted them a full written release. We closed exactly 45 days later and had we not made it, it would have gotten foreclosed on the 46th day. For $7,500 the sellers escaped a $250,000 deficiency judgement which would have forced them into BK. One of the sellers was an attorney who worked for the attorney general in Sacramento. Her career would have been over. The lawyer who was my client thanked me for saving her career and wiping out her family. I guess this is yet another homeowner who got screwed doing a short sale.
Blanket statements are worthless. Every situation is unique and needs to be evaluated on its own merits.
