A short interview with Timothy McCabe (PART-II)

A short interview with Timothy McCabe (PART-II)

In continuation with the interview, following questions were briefly explained by Timothy McCabe.

Is there a legal basis for a lawsuit against your lender or mortgage broker that could affect the foreclosure sale or the amounts owed?

This is the first line of defense that a lawyer can use against a foreclosure sale. For more details, review our Mortgage Law page, but have your original loan and settlement papers looked over by our firm or commission a full audit and review of the loan documents, the appraisal and the relationship of the transaction participants.

If the loan were modified tomorrow, how much of a mortgage payment could you realistically afford to pay and still feed your family?

Be honest with yourself about how much you can afford. Current income and expenses are key factors in negotiating a voluntary loan modification. Lenders are four times more likely to modify a loan if there is the risk of a lawsuit or bankruptcy.

After a foreclosure or short sale, will you still owe the lenders and the IRS?

Generally, yes; you are still personally liable for junior liens that are not paid off from the proceeds of a foreclosure sale. The tax implications for capital gains and income tax are very complex and the cancellation of debt still leads to income taxes for most people despite the new law.

The devil is in the details and every case is unique. If you have enough income to save your home, the firm can design a legal game plan to pursue that goal. If you are not sure or if you just want out, the game plan can include an "exit strategy" that will minimize your personal liability to your creditors, your income tax liability and the damage to your credit rating.

You can get answers to all your questions by visiting to the FAQ page of Tim's website. The 2nd and 3rd part of the interview will soon be published in the coming few days.

About Law Office of Timothy McCabe: Law Office of Timothy McCabe, Florida's foreclosure specialists, offers flat fee foreclosure defense rates. It is dedicated in protecting the Rights of Florida residents throughout Miami Dade, Palm Beach & Martin Counties. Contact (888) 679-3435 for free consultation.

For more information on Law Office of Timothy McCabe' visit:

Website: http://www.thepropertydefender.com/

Email: info@thepropertydefender.com

Phone: (888) 679-3435

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