Stop Foreclosure through Chapter 13 Bankruptcy
Many homeowners have found themselves falling behind on their mortgage payments due to a job loss, illness or decrease in income over the past year. If you are facing foreclosure you should consider all your options to keep your home. One option is to file for bankruptcy which stops the foreclosure of your home immediately. Consulting with a bankruptcy lawyer early in the process can help you avoid the stress and anxiety of facing foreclosure.
In California the foreclosure law process requires that you initially receive a Notice of Default. This notice indicates that you are in default under the terms of the loan agreement. Before the mortgage company can proceed to foreclose on your home, they must wait a period of 3 months from the Notice of Default to serve you with Notice of Sale Date. The Notice of Sale Date will state the date that your home will be foreclosed on. This date must be set at least 21 days from the Notice of Sale Date. It is important that if you have received a Notice of Default that you consider early all your options and consult with a bankruptcy lawyer who can advise you on whether bankruptcy can help you keep your home. Chapter 7 bankruptcy will stop the foreclosure of you home, but will only provide you with temporary relief, since the mortgage company will seek court permission to foreclose on your home if you are not current. Chapter 13 bankruptcy will provide with ability to pay back the arrears on your mortgage through a monthly repayment plan that will allow you to keep your home.
Our bankruptcy lawyers will review your financial situation and determine if Chapter 13 bankruptcy can help you stay in your home. It is best that you consult with our bankruptcy attorneys early in the process so that we can prepare your bankruptcy case accurately. Unfortunately, many homeowners wait for the last few days before their foreclosure date to seek assistance. Our office will file emergency cases, but you should avoid this situation if possible. Preparing in advance to file for bankruptcy will avoid errors and problems with collecting the necessary documents to file your Chapter 13 bankruptcy.
Chapter 13 Bankruptcy will stop the foreclosure of your home immediately and will allow you to repay the past due mortgage payments, and home property taxes in a payment plan. If you are facing foreclosure call our office at 866-337-7220 to receive a free, no obligation bankruptcy evaluation.
