Dallas Short Sale Attorneys

Is a Short Sale Really Your Best Option?

If you are behind on mortgage payments, you may be considering selling your house for whatever you can and requesting that the mortgagee bank eat the loss. This is called a short sale. While this option sounds enticing and can provide some relief, there are consequences to consider. For instance, under the Internal Revenue Code, you may be taxed on the forgiven debt. This may be considered as gross income you receive from the short sale by the IRS.

Filing Chapter 7 or Chapter 13 bankruptcy may be a better option. If you file Chapter 7 bankruptcy, your mortgage debt will be discharged if you do not wish to keep the house. Under Chapter 13 bankruptcy, you can work out a payment plan to pay back the mortgage arrears. Both instances provide home mortgage relief while avoiding the tax consequences of a short sale.

Experienced Bankruptcy and Loan Modification Attorneys in Dallas and Plano

To learn about your bankruptcy and non-bankruptcy options for handling house debt arrears, please contact Pelley Law Office, L.L.P. for a free confidential consultation. We have been helping people throughout North Texas get a fresh financial start for more than 37 years.

When you come to our office, we will sit down with you and learn about your financial issues and goals for relief. We will advise you of all of your options and tailor a debt relief plan that best fits your needs. While we often encourage bankruptcy for those who qualify, especially if you have credit card debt or extensive medical bills in addition to being behind on mortgage payments, we will provide honest representation regarding short sales if that is the option you would like to pursue.

We urge you to call Pelley Law Office, L.L.P. today at 972-608-0335 or 903-813-4778 to schedule a free confidential consultation with an experienced Dallas short sale lawyer to learn more about your options for mortgage relief. You can also contact our bankruptcy attorneys by e-mail to request an appointment.

Just a brief note to tell you how appreciative I am of how effective you were in my Bankruptcy Proceedings. I was never worried because I knew I was being represented by the best. Thank you!

- F.B.

I was faced with a first degree felony, which meant 5-99 years behind bars. It was terrifying. You are not only a great attorney but a very honest man with integrity...you saved my life.

- A.N.

From the first moment I met Mr. Pelley, he made me feel at ease. I was always updated, whether via mail or phone call of court dates and information concerning my case. He did a remarkable job and went above and beyond all my expectations. I wouldn't have to think twice about recommending Mr. Pelley to represent any of my family members or closest friends.

- C.G.