Palmdale Foreclosure Protection Lawyers
Your home is your most valuable possession from both a financial and personal standpoint, so it is unthinkable that you could lose it through foreclosure. However, falling behind on mortgage payments for an extended period of time could lead the lender to take legal action. Your mortgage is different from other forms of debt in the fact that it is secured by your home. The lender has the power to take your home to satisfy what you owe.
At Wadhwani & Shanfeld, we are skilled at developing strategies to prevent this from happening. There are options to protect your home, giving you the ability to avoid foreclosure or stop the process if a lender has already moved forward. We will explore all opportunities that keep you in your home and on solid financial ground. Please contact us to schedule a consultation with a Palmdale foreclosure protection lawyer. You can also check out an overview of the laws and how we can help.
Chapter 13 Protections
Filing this type of bankruptcy is an effective way to stop foreclosure once you receive the Notice of Default giving you 90 days to pay. This is because there is an automatic stay that goes into effect from the moment you file. Creditors must cease all collection efforts, including any proceedings for foreclosure, no matter how far along.
Through bankruptcy, you will be able to keep your home until you can reach a solution on how to get back on track with payments. The point of Chapter 13 is to establish a repayment plan, and your past-due mortgage payments can be included.
Options for Loan Modifications
For some people, bankruptcy is not available or might not be the most beneficial solution to being behind on their mortgage. You may be able to take advantage of another option through a loan modification. Essentially, you approach the lender and request to make changes to the monthly payment, interest rate, or term of the mortgage. You may be able to work out an agreement on a loan modification to keep your home.
Trust Our Team for Legal Assistance
When protecting your home becomes a top priority, you need guidance from an experienced Southern California foreclosure protection lawyer. Wadhwani & Shanfeld will consult with you on your mortgage details, other financial matters, and goals. We will also support you by:
- Reviewing Chapter 13 bankruptcy options when appropriate;
- Preparing the bankruptcy petition to get the automatic stay in effect and stop foreclosure efforts;
- Representing you throughout the Chapter 13 bankruptcy process, including the meeting of creditors; and,
- Discussing opportunities for loan modification, if bankruptcy is not a suitable option.
A Palmdale Foreclosure Protection Lawyer Will Advise You on Options
If you have concerns about foreclosure or are involved in the process, time is of the essence to retain skilled legal counsel. Our team at Wadhwani & Shanfeld will help you understand your options, and we will pursue the one that suits your situation. Please contact our firm to schedule a consultation with a Southern California foreclosure protection lawyer today.