Lancaster Foreclosure Protection Lawyers
Your home is probably the most important asset you own. More than that, it is the place where you live and raise your family. So you are understandably determined to protect your home, even when you have fallen behind on your mortgage payments and are now facing the possibility of foreclosure.
Wadhwani & Shanfeld is a team of dedicated Lancaster foreclosure protection lawyers who can offer you legal guidance and assistance during this difficult time. Raj Wadhwani and Greg Shanfeld are Board-certified bankruptcy specialists who have helped thousands of clients in southern California defend against foreclosure proceedings. We can review your current financial situation and advise you on whether filing for Chapter 13 bankruptcy is the best choice for you and your family.
Chapter 13 Bankruptcy Can Protect Your Home
Chapter 13 bankruptcy allows you to keep your property while committing to a plan to repay your outstanding debts over a period of time, usually 3 or 5 years. This makes Chapter 13 an especially attractive option for Lancaster residents who have missed mortgage payments and are struggling to get current. While bankruptcy does not eliminate your mortgage lender’s security interest in your home, filing for Chapter 13 can buy you valuable time to figure out your next step.
The reason for this is that once you file for Chapter 13 bankruptcy, an “automatic stay” takes effect. This means that your lender cannot initiate or complete a foreclosure proceeding until your bankruptcy proceeding is complete or a federal bankruptcy judge grants the lender relief from the stay.
But in order to keep your home long term, you need to demonstrate that you have enough disposable income to keep current on your mortgage payments and pay back any arrearages within the life of your repayment plan. So long as you are able to make all of these required payments, you can prevent foreclosure and stay in your home.
Chapter 13 bankruptcy can also make it possible to “strip off” second mortgages and home equity lines of credit. This is done when the value of the property is underwater–i.e., the home is worth less than the value of your first mortgage. A bankruptcy court has the legal authority to convert these loans into unsecured debts, which are then subject to the same repayment plan as other unsecured creditors.
Finally, filing for Chapter 13 bankruptcy allows you to consolidate all of your debts into a single repayment plan. This can make it much easier to remain current with your mortgage moving forward. And it also puts a stop to any ongoing harassment from your mortgage lender over missed payments.
Contact Wadhwani & Shanfeld Today
We know how important your home is to you. That is why we are committed to providing you with the best possible legal advice for protecting you against foreclosure. If you are currently behind on your mortgage payments and need to speak with an experienced Lancaster foreclosure protection attorney, contact Wadhwani & Shanfeld today to schedule an initial consultation. We represent clients throughout Los Angeles County and southern California.