Foreclosure Defense Cases | Foreclosure Case Studies

Foreclosure Defense & Debt Relief Case #1:

Client: A married couple with 2 dependent children in college. They owned a small successful clothing boutique located in one of San Diego’s most prestigious art district, Cedro’s Row in Encinitas.

Problem: Due to the bad economic recession the boutique business had a major slowdown. Unfortunately, at about the same time the wife got extremely sick and was no longer able to help manage their retail business. With surmounting medical bills, two college tuitions, business loans and credit card debts this couple found themselves in an overwhelmingly stressful situation when the bank foreclosed on their family home.   

Solution: The husband contacted John F. Brady & Associates with the hope of saving their house and to stop creditor harrassment so that his wife could recouperate from her illness in a peaceful home. After speaking with a foreclosure attorney and being advised on available options and thier legal rights the couple decided that filing for Chapter 7 bankruptcy was the best option to give them a fresh start. 

Result:  Upon filing for Chapter 7, on behalf of the couple, John F. Brady & Associates was able to prevent the bank from foreclosing on their house. In addition, in less than three months, 100% of their unsecured debts were discharged through the Chapter 7 bankruptcy process. Our team of foreclosure defense attorneys helped them discharge over $135,000 in debt. The wife has since regained her health and was able attend her son's graduation in 2010. The couple is now able to maintain a comfortable lifestyle and are enjoying a true fresh financial start!

 

Case #2:

Client: Single 31 year old man and first time home owner. Earned an above median income working as a customer sales representative during the day and as a bartender in the evening. Bought his $375,000 condo when the housing marketing was hot and at its peak.

Problem: After the housing marketing crash the value of his house was much less than the mortage he had on it. And unfortunately, the restaurant that he bartended at recently got audited by the IRS, which meant that his wage earnings and gratuity earnings was also audited. He ended up owing an additional $15,000 to the IRS in prior year income taxes. The monthly payments had become more than he could handle and the creditor phone calls were stressing him out. It became obvious that he needed some serious legal help when the bank foreclosed on his condo.

Solution: He called John F. Brady & Associates and scheduled a free consultation so that our foreclosure experts and bankrupty lawyers could help him better understand his financial situation and legal options.  After a thorough review of his earnings and debt obligations a Chapter 13 bankrupty attorney helped him organize a repayment plan that was best for his situation. 

Result: The Chapter 13 bankruptcy put an immediate stop to the harassing creditor phone calls and and allowed him to repay his taxes and the arrears on his mortgage over five years. At this end of his repayment plan all of his unsecured loans and credit card debts were discharaged without further adversities.

   

Case #3:

Client: Recently divorced 37 year old woman with 1 young child lost her high paying job. 

Problem: With the current California unemployment rate at an all time high, our client was unable to find a replacement job that would match her previous salary. This left her with a mortage that she was unable to pay.

Solution: She came into our office wanting to file for a chapter 13 with the intention of repaying her mortage arrears and so that she could raise her child in the security of the house that they have been calling home. In the midst of finalizing her Chapter 13 repayment plan with John F. Brady & Associates to help stop the home forclosure she had an emergency medical situation and had to go on diasability.  

Result: We were able to help convert her chapter 13 into a chapter 7 bankruptcy. She was able to discharge $70,000 of debt.