Jeffrey D. Larkin, Your Fallbrook Bankruptcy Lawyer

“Fallbrook Francine” was a self employed horse trainer who trained horses for equestrian competitions. In 2005 her business was very successful, so much so that she purchased a three acre ranch with enough space to build a track to train the horses. At the time of purchase, she obtained a first and second mortgage with no money down, and used her savings to build the horse track for training purposes. Business was great until about 2008 when the real estate market went south and business slowed drastically. In Fallbrook Francine’s line of work, horse training is considered a luxury, one of the first things cut when expenses need to be trimmed. Slowly but surely Fallbrook Francine depleted her savings and by the summer of 2011, she was out of money.

Unable to make the mortgage payments on her home, Fallbrook Francine received a notice of default in the mail indicating her lender was initiating foreclosure proceedings. She decided it was time to review her options and made the intelligent decision to contact Fallbrook bankruptcy lawyer and debt relief specialist Jeffrey D. Larkin to schedule a free consultation.

Bankruptcy attorney Jeffrey D. Larkin met with Fallbrook Francine and a debt relief plan was created and implemented. Because Francine did not have any other debts besides the mortgages on her home, it was determined that filing for bankruptcy protection was not necessary, and that there were other options available to her. Fallbrook Francine’s first and second mortgages were considered “purchase money” mortgages and because Francine had never refinanced the loans they were considered “non-recourse” loans. Non-recourse loans are loans in which the lenders only recourse is to foreclose on the property. Borrowers cannot be sued individually for a money judgment in this instance. Since Fallbrook Francine could not afford her mortgage any longer anyway, the decision was made to stop paying on the house and let her lender foreclose. Francine is now renting a small apartment which she can afford and no longer has to worry how she can keep a home she could simply not afford.

If you or someone you know needs financial relief, make the call to the Larkin Law Firm for your free consultation today.To learn more about how to avoid finding yourself in a similar situation as above, click here.

Fallbrook is a small city located at the north-east tip of San Diego County with a population of approximately 31,000. It boasts an average elevation of 685 feet above sea level. Fallbrook is well known for its vast fields of avocado farms. Fallbrook is oftentimes referred to as the “Avocado Capital of the World,” and draws very large crowds to its annual avocado festival where people sample delicious dishes made with avocados. Fallbrook has an average yearly temperature of 61 degrees making it an ideal climate for the production of avocados.

The median resident age for residents of Fallbrook is 34.7 years and the estimated median household income is $54,282. The median house or condo value is estimated to be around $384,649 while the median gross rent is $1,060.