Real Estate

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Co-Owned Property and Your Credit

How Does a Co-Owned Property Affect Your Credit?

If you have a co-owned property, and the co-owner living in the property doesn’t pay the mortgage, it will be a “bad real estate” investment. Even though you no longer occupy the property, the personal liability of the bank loan and mortgage doesn’t go away. Under such circumstances, the credit report of those who no longer live in the property will be ruined by the poor conduct of the property occupant.

Rely on Us to Claim Your Co-Owned Property Rights

The “suit for partition” law will be helpful in such cases, whereas a co-owner has the right to sell your interest. The other co-owner can buy your interest if he or she wants to.

You can request the court to order that the property be sold, with you receiving your share of equity, and the other owner receiving his or her share of the equity. 

As there are many cosigned mortgage loans where individuals no longer wish to own the property, the law provides this remedy. The law also allows you to demand the co-owner to sell the property if you desire to pull out directly. This is not a negotiation, it is your right, and a matter of law.

With over 30 years of experience, the attorneys at Mike Norris Law Offices will provide personal service and assist you to exercise your right.

Note: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Mortgage Foreclosure

Sound Legal Advice on Mortgage Foreclosure

If you have an existing mortgage that you’re unable to pay due to any reason, a mortgage foreclosure can be inevitable. However, it’s important to note how this process will be undertaken, so that your financial interests are protected. Mike Norris Law Offices will help you sort through this process with ease.

Deed in Lieu of Foreclosure or Not!

The common understanding of a mortgage foreclosure is that your mortgage is foreclosed in lieu of the deed. The lender will then be the owner of the deed and you get rid of the mortgage.

In today’s real estate scenario, this becomes a problematic exchange. Why?

  • Lack of equity in the property
  • Property value loss due to market conditions

Since lenders may not always get the best outcome when they take the deed in lieu of foreclosure, most of them do not accept it these days. Several other reasons like federal regulations, judgement liens, second mortgages, homeowner’s association lines, and other title issues make deed in lieu of foreclosure unappealing to the lenders.

As a debtor, your best interest lies in getting rid of the mortgage and handing over your property to the lender in lieu of the deed is your best bet. If you can come to an agreement with your lender to accept this, you stand the chance of quickly and efficiently resolving your significant real estate debt.

Having a good mortgage foreclosure attorney by your side during this time can come in handy and allow for a quick and efficient resolution.

Note: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Foreclosure Defense

Turn to Us for Your Foreclosure Defense

If you’re having trouble making your mortgage payments and facing foreclosure, reach out to us. The attorneys at Mike Norris Law Offices can help people who are struggling with their mortgages and foreclosure charges. We are proud that some changes in foreclosure law recommended by our firm were adopted by the Indiana legislature in 2009. Call us today!

Assistance in Mortgage Modification

According to federal guidelines, lenders are required to consider mortgage modification as a way of keeping homeowners in their homes. If it does not work, then the home can be sold to pay the debt. In some cases, a “short sale” can be arranged, so that the property is sold with a release of debt often greater than the fair market value. 

As part of our foreclosure defense, Mike Norris is able to request the court for a settlement conference to discuss new terms for paying a mortgage. 

  • Increase in the years of payment
  • Relatively lesser mortgage payment
  • Rolling the previous payments into the loan
  • Lower rate of interest

Foreclosure Defense Can be Used For

  • Renegotiations
  • Chapter 13 bankruptcy
  • Short sale
  • Mortgage modification
  • Deed in lieu of foreclosure

Over the last few years, many homeowners have struggled with their mortgage payments, owing more than the home is worth. If you land in such situations, we’re here to help you with your foreclosure defense and save you from losing your home.

Note: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Stop Needless Worry About Foreclosure

Do you know the proper steps to save your property from foreclosure sale?

The lender intends to have the property sold to satisfy the debt owed. There are a number of complex steps if you want to keep your home safe.

The Law Office of Mike Norris has over 40 years’ experience in this area and can offer you options for handling this stressful situation. We give you enough information to be able to make a decision quickly on how to protect yourself. 

Time is a key factor so don’t delay. You have a few options to schedule a meeting with Mike Norris.

Option 1. Fill out this short form and a Mike Norris Law Offices representative will contact you. 

Option 2. Schedule directly on the calendar below to reserve your day and time to speak with Mike Norris. 

Option 3. If you need immediate assistance, please call (317) 266-8888.