M.J. Shanahan & Assoc. Inc. - Living with debt is like living in Hell!
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Clients Save 5 Properties For Retirement
Another $360,000 in equity saved!!
Client Saved Her $360,000 in Equity and Simplified Her Life!!!
Over $360,000 in taxes wiped out.
Bankruptcy Reduced His Mortgages by $2.5 Million
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Success Stories

Clients Save 5 Properties For Retirement


       Clients have four rental properties in Hawaii and one in LA area. Mortgages are adjusting and since these are vacation rentals, our goal is to turn the loans into fixed rate loans, write down the mortgages to the market value and stabilize the income stream.

        Over the course of a year the unsecured debt on the homes was reduced from almost $600,000 to $25,000. The interest rates were renegotiated to fixed rates, and now all the properties the couple elected to keep are profitable.

Another $360,000 in equity saved!!

          Debtor came to us on a Friday with her home going to auction the following Monday. It was our job to stop the sale and also to find a way to preserve the equity in the property which was about $360,000.

          During the course of the interview we discovered the reason she was behind in payments was because her relatives, who were living with her, had stopped paying rent because they supposedly could not afford the payment. However, also during this same interview we discovered that the relatives had a very high income.

Client Saved Her $360,000 in Equity and Simplified Her Life!!!

     The client came to us on a Friday evening. Since we make housecalls we were able to accomodate her schedule and interview her at 7:00 p.m. on a Friday.  We found out her home was to be sold at foreclosure the following Monday at 9:00 a.m. She had been told by other firms that this was just too late and they cannot help her. We can stop a sale in under two hours before the sale.

     During the interview we discovered she had fallen behind on her mortgage because her relatives who were living with her could not pay their rent.

Over $360,000 in taxes wiped out.

            Client came to us with substantial tax debt. He was told the debt was non-dischargeable. Whomever told him that was dead wrong.               

           Client’s young daughter died a number of years ago. He went into a tail spin and racked up over $360,000 in tax liability.   

Analysis:   

      We asked him four questions:               

Bankruptcy Reduced His Mortgages by $2.5 Million

            Client came to us with 17 properties. All of them were underwater, meaning he owed more than they were worth. The lender would not modify any loan and refused to reduce the principal balance.               

           We put the client in an individual Chapter 11. Prior to filing we obtained an appraisal on all the properties. Once we filed we began making the payments on the mortgages at a lower rate of interest based on the appraised value.

Bankruptcy Saved Her Equity! Over 400K


     The client came to us owning a 4-Plex with over $400,000 in equity. She only made $1,300 a month and the building need substantial repairs. She was facing foreclosure and a sale date had been set. If the lender foreclosed, and it was a private lender, she would have lost her equity.

      Analysis:            

       We could not put her in a Chapter 7. If we did so, the trustee would have sold her house and incurred thousands of dollars in fees that would have been paid out of her equity in the property.
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