Los Angeles Foreclosure Protection Lawyers
Your home is likely your most valuable possession. You have the most money invested in it, and cannot imagine having it taken from you. It is probably also the source of your largest debt and largest monthly payment obligation. Your mortgage is secured by the home, and if you fail to keep up with payments, your lender can take your home through a foreclosure process. Before that happens, take step to protect yourself and your home. At Wadhwani & Shanfeld, our Board-Certified bankruptcy specialists work every day to help people stay in their homes, preventing foreclosure from being started or stopping it if it has already begun. Get help now by contacting our Los Angeles foreclosure protection lawyers for a complimentary consultation. We can take immediate steps to save your home. Call today.
Protect Your Home From Foreclosure With Chapter 13 Bankruptcy
Protecting your home from foreclosure is one of the most powerful benefits Chapter 13 bankruptcy can provide. If you receive a Notice of Default from your lender, you have 90 days to pay the amount in default, or the lender can proceed to sell your home out from under you and use the proceeds to pay off the mortgage.
However, bankruptcy can help you save your home from foreclosure. The moment you file your Chapter 13 petition, the bankruptcy court imposes an “automatic stay” on all debt collection activities, including foreclosures. So long as the stay remains in place, lenders cannot start or continue a foreclosure. The automatic stay is one of bankruptcy’s most powerful provisions as it provides immediate help in a financial emergency and lets you keep your property while you figure out a long-term solution.
Some of the ways Chapter 13 can protect your home from foreclosure include:
- Any past-due mortgage payments that put you in default can be rolled into your Chapter 13 plan, and you’ll have as much as five years to pay them off, depending on your disposable income.
- A second mortgage on your home can be removed through a process called lien stripping, reducing the amount you owe or relieving you of the obligation to repay it.
- The balance on your first mortgage can be modified while you are in your chapter 13 case through the new “Loan Modification Pilot Program” in the Central District of California.
If you had a parent or other family member co-sign your mortgage, their assets can be at risk. Filing Chapter 13 protects your co-signers as well as yourself.
Protect Your Home From Foreclosure With a Loan Modification
As an alternative to declaring bankruptcy, Wadhwani & Shanfeld can negotiate with your lender on your behalf to make your mortgage affordable. A loan modification can lower your interest rate, extend the payment terms, reduce your principal, and otherwise lower your monthly payment. Our savvy debt settlement lawyers know how to negotiate better terms with lenders to give you the relief you need.
We have heard horror stories of homeowners who tried to get a loan modification on their own and didn’t realize that while they were working with the bank’s loan modification department, the foreclosure department continued to carry on with foreclosure. Our knowledgeable and experienced attorneys will work to keep your home safe from foreclosure while we negotiate a loan modification that meets your needs.
Contact Our Los Angeles Foreclosure Protection Lawyers Today
A foreclosure can happen very quickly in California if you default on your mortgage. You could have one or more options available to keep that happening so long as you act quickly to get the help you need. Reach out to the Los Angeles foreclosure protection lawyers of Wadhwani & Shanfeld for a complimentary consultation that answers your questions and offers immediate assistance. Call now to speak to a lawyer now and get started getting the help you need.