“Many of my client’s, though concerned about the stigma for filing for chapter 7 Bankruptcy liquidation or chapter 13 Bankruptcy reorganization, really appreciate that it is the state of our economy and massive foreclosures that have placed them in the position to file for chapter seven Bankruptcy liquidation or chapter 13 Bankruptcy reorganization.” Dailey said.

Mr. Dailey and Mr. Grove are especially interested in helping people avoid chapter 7 Bankruptcy and avoid chapter 13 Bankruptcy and avoid foreclosure by first analyzing a client’s financial condition. Their analysis takes into consideration whether they can negotiate credit card balances, debt balanaces and renegotiate or short sale the clients home to avoid foreclosure. We often see that upon renegotiating the  client’s debts including their mortgage or obtaining a short sale that the need to file Chapter 7 Bankruptcy liquidation and the need to file chapter 13 Bankruptcy reorganization disappears and then the client will no longer be facing the loss of their home by foreclosure.

Dailey Law Firm, PC offers a free intitial consultation to all clients interested in filing Chapter 7 Banruptcy liquidation and Chapter 13 Bankruptcy reorganization. Dailey Law Firm, PC offers client appointments and consultations after regular business hours and on weekends.

To schedule an appointment to discuss foreclosure, chapter 7 bankruptcy liquidation, chapter 13 Bankruptcy reorganization, mortgage renegotiation, short sale or debt negotiation call Brian Dailey at the Dailey Law Firm, PC 28000 Woodward Avenue, Royal Oak, MI 48067. 866-665-2993/248-744-5005/866 66 LAWYER

Dailey Law Firm, PC, sponsor of the LawShow heard every Sunday from 2 to 3 pm on Newstalk 760 WJR AM in Detroit, Michigan is offering services in Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.  Many people look to Bankruptcy as a way to delay or eliminate foreclosure on their homes. While Bankruptcy can stop foreclosure, it often is no more than a temporary interruption of the foreclosure process. However, “sometimes all the distressed homeowner needs is a little extra time” according to Grove of the Dailey Law Firm, PC.

The high cost of foreclosing on a loan is ample evidence that lenders have a strong incentive to work out the problems with the loan and try to find an accommodation. Unfortunately, many individuals have found that talking to their lender is like banging their head against a wall – it gets you nothing but a headache. But understanding their language and knowing the right questions to ask can make the experience easier to stomach. That’s where a knowledgeable real estate attorney is invaluable.

The first step is determining what you can realistically afford. The next step is to sit down with your attorney and discuss what your legal options are. Many individuals are intimated to even call attorney, often in fear of what it may cost. Surprisingly, a good attorney can assist you for much less than what you’d expect. And the savings, down the road, to your credit report and pocket book are immeasurable.

The foreclosure option that may work for you may not work for your neighbor. Some of these options include:

1. Deed in lieu of foreclosure

2. Short sale approval

3. Payment modification

4. Payment forebearance

5. Payment extension

Next week, I’ll discuss in more detail each of these options.

As always, feel free to contact me with specific questions at our Royal Oak Office: 248.744.5000

[1] Lender cost of foreclosure: $58,759– Craig Focardi, CMB, Research Director, TowerGroup’s consumer lending division, cited by Dona Dezube, “Heroic Homeownership,” Mortgage Banking, (June 2006) p. 82.