More about Mediation to come.
On this program of Use the Law, Las Vegas Nevada attorney David Rahm discusses why he believes bankruptcy should be used as a last resort if you are in danger of loosing your home to foreclosure. Rahm states that loan modification with the representation of an experienced real estate attorney will, in most cases, yield the best results.
A lot of clients come into see me (The David Rahm Law Office). They’ve already been to see two or three other lawyers, and almost uniformly they tell me, “the other attorney told me to file bankruptcy!” In my mind, that’s an alternative for you (the homeowner), and it certainly is a constitutional right you have, but it should be the last alternative for you; not the first alternative!
Once you file bankruptcy that may protect you and your house for a period of months. But after that, the banks going to get a Lift of the Stay, your going to have to re-affirm your loan, and you are either going to keep your house under the current loan you have, or most likely, you’re going to loose your house.
I like to meet every client in person for FREE before we determine how to proceed with your case. But generally, the best way to proceed is to find out the clients particular circumstances. Find out what the circumstances are of their primary residence (and any other homes or businesses they might own and properties they might own), and determine what they want to accomplish. And what is possible to accomplish.
I do not like to give people false promises! I tell you what I am going to be able to do for you, and I am usually able to do what I tell you I am going to do! If anybody makes a promise to you; a guarantee about a result, don’t walk out of their office, RUN OUT OF THEIR OFFICE! Because they can’t guarantee what another human being is going to agree to do, and neither can I. But I can guarantee you this:
- We are experienced
- We know what we are doing
- We’ve done this many times before with homeowners and business owners and commercial tenants JUST LIKE YOU!
Bankruptcy should be your last choice, not your first choice!
If you can go into a loan modification and if you can knock your payment down as much as 50% in most cases (that’s been our experience), then a loan modification might be the appropriate first step for you.
If for some reason the loan modification doesn’t work for you, or becomes burdensome, then the second step is to go to mediation. A loan modification gets you out of default, if you are in default. If you then go back into default, you can go to mediation. If the mediation process works out, then great! If it doesn’t work out, now you’ve got to make a decision. Do I want to keep paying under my original terms, under a loan modification, or under a mediation settlement? Or, do I want to stay in my house as long as I can before I ultimately have to leave? Those are your alternatives.
- Step one, “The Loan Modification”
- Step two, “The Mediation”
- Step three, “Ultimately deciding what you want to do
- Step four is “Bankruptcy”
If you have to file bankruptcy, or if you need file bankruptcy because of large credit card debts or medical bills something like that. That is the appropriate time to use the bankruptcy right you are entitled to. It is wrong to use it first because it is a short term fix when the alternatives we offer can keep you in your home for as long as two years with minimal payments.
If you would like to have a FREE CONSULTATION with our Law Office we will help you in that process. You should look at and consider all of your alternatives before you decide how to proceed.
To Schedule a FREE CONSULTATION, you can call us at 702-369-4663
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