A common question I get is how long must a person wait after a foreclosure, short sale or bankruptcy before that person will qualify for another home loan. Although an Arizona real estate lawyer or Arizona bankruptcy lawyer is not a “credit expert”, Fannie Mae has established a number of different waiting periods for so called “derogatory credit events”.
Most debtors can keep their vehicles when they file bankruptcy. A complication arises when a debtor has a vehicle loan. A competent Arizona bankruptcy lawyer will advise that to retain the car, the debtor may have to stick his neck on the line and reaffirm the car loan, making the bankruptcy null and void with respect to a huge debt. But there may be some alternatives.
A person facing foreclosure or bankruptcy is understandably concerned about how such decisions impact a person’s credit. The reality is that no one knows for sure how these credit scores are computed. An Arizona bankruptcy lawyer or foreclosure lawyer may be able to provide some tips and tricks that a person can use to minimize credit damage.
Some people mistakenly believe that filing bankruptcy will force a mortgage lender to agree to a home modification. Not true. However, an experienced Arizona bankruptcy lawyer and real estate lawyer will advise you that you may be able to get rid of junior liens if the value of your home is worth less than what you owe on your first mortgage.
All Arizona estate planning lawyers will recommend that each of their clients have a medical power of attorney. This is a document that appoints a trustworthy person to make medical care decisions on your behalf. Without a properly drafted medical power of attorney, your life may “hang in the balance” when you are unable to communicate your medical wishes to health care providers.