Thinking About Waking Away from Your Home? Columbus, Ohio Attorneys at Jump Legal Group Urge You to Look At All Your Options; Learn About Strategic Mortgage Default and Other Solutions

COLUMBUS, OH, August 27, 2012

Is your home currently worth less than what you owe on it? Can't afford your house payments? Do you need to move but can't sell your home? Is your mortgage company not cooperating with you on obtaining a loan modification?

If you answered yes to any of these questions, you are not alone. The current economic environment has put many Ohio homeowners in the extremely difficult position of having to abandon their homes.

Foreclosure
If you are facing foreclosure, you may be considering walking away from your home (also called "strategic mortgage default") and your mortgage payments. However, a homeowner has to be extremely careful before choosing to walk away from a home. Before you make that decision, it is important to understand all your options. Walking away usually leads to huge amounts of debt. This debt is called a deficiency balance or judgment. Steadfast negotiation by an experienced attorney may create ways to avoid being held responsible for these debts. We have helped hundreds of Columbus, Ohio area homeowners determine what they should do when facing foreclosure.

Options
There are several options available to homeowners who are struggling to make their mortgage payments. The attorneys at Jump Legal in Columbus, Ohio have helped hundreds of clients save their homes and reach affordable house payments or get out of their current house without being saddled with insurmountable debt and tax liabilities.

In foreclosure cases, there is not one simple solution that is right for every homeowner. Foreclosure cases are very complex and require an experienced attorney with the resources of an established law firm. Many attorneys in Ohio are only experienced with a single way of saving a house from foreclosure, but our attorneys are dedicated to exploring all options that are available to our clients.

1. Loan modification: Although mortgage companies offer loan modifications to homeowners who are behind on their payments, affordable loan modifications are rarely easy to come by. Retaining an experienced attorney to represent you greatly increases the likelihood that you will be granted an attractive loan modification. Many homeowners who try to obtain loan modifications on their own are shuffled from one department to another, all while the foreclosure process is moving ahead.

A loan modification can also be obtained in conjunction with a Chapter 13 or 7 bankruptcy. After a chapter 7 has eliminated your unsecured debt (credit cards, medical bills, and garnishments), many people have an acceptable debt to income ratio making them more attractive to their current mortgage company. Consequently, banks that will not provide a loan modification before a Chapter 7 are sometimes willing to do so afterwards. A Chapter 13 provides much needed protection from foreclosure, while a homeowner improves his or her chances of obtaining a permanent loan modification.

2. Filing a Chapter 13 or Chapter 7 Bankruptcy: Filing a Chapter 13 bankruptcy will immediately halt foreclosure proceedings and provide you with the time to catch up on delinquent mortgage payments. It will also allow you to remove an underwater second mortgage from you deed - and stop paying it. Chapter 7 bankruptcy will temporarily stop foreclosure proceedings allowing you time to consult with your attorney and make important decisions. Most importantly, through filing Chapter 7 you can avoid the debt that you would be saddled with if you simply "walked away" from your home. Without bankruptcy, the debt from abandoning your home can be substantial and lead to wage garnishments and loss of other assets.

3. Deed-in-Lieu / Cash for Keys: With the help of an experienced attorney you may be able to negotiate a small cash settlement ($2,000.00 to $3,000.00) --which will provide much needed money to move to new housing.

4. Foreclosure Defense: In some cases, the foreclosure and/or loan modification denial process has been unfairly carried out by the mortgage company. For example, if you have been sued by a party who does not actually own and hold your note and mortgage or if your mortgage company has not complied with contractual and statutory noticing requirements you may have sufficient grounds for pursuing a foreclosure defense action. If you believe this has happened to you, , please contact our Columbus, Ohio office. We are one of the most experienced law firms in Central Ohio in defending against improper or fraudulent foreclosures and in helping our clients keep their homes.

Next Steps
If you are facing foreclosure or considering walking away from your home, please contact our Columbus, Ohio law office at 614-300-5145 for a free consultation with an attorney. It is important to sit down with an experienced attorney and have the attorney look at your situation and explore all your options before you make any decisions that could affect you family's financial future.

Jump Legal Group, LLC is located at 2130 Arlington Ave in Columbus, Ohio. Jump Legal practices in the following areas of law: Foreclosure Defense, Loan Modifications, Debt Settlement, Bankruptcy, and Creditor Violations. You can contact the firm at www.legaldebtsolutions.com or by calling 614-300-5145.