You should call a Foreclosure Lawyer immediately if you are facing imminent foreclosure. If you cannot afford one, I offer payment plans. You may be paralyzed by how quickly the monthly mortgage statements keep piling up. Then finally, you received the dreaded Notice of Default that tallied up how many payments plus penalties and fees that have accrued and then gives you only 90 days to catch up! 90 days later, if you are unsuccessful in negotiating the loan with your lender or obtain a loan modification, you will next receive a Notice of Trustee Sale Date, which is at least 20 days away from the date on the Notice of Trustee Sale. You must act fast if you want to keep your home. You cannot keep your home if you do not act. Timing is very important when you want to stop a foreclosure because once your home is foreclosed, you cannot get it back!
It is time to speak to a foreclosure bankruptcy attorney, Muoi Chea, if you are unable to negotiate the loan, sell your home, or refinance your loan.
If all else fails, you need to speak to a foreclosure attorney who has extensive experience filing Chapter 13 Bankruptcy to save homes from foreclosure. Attorney Muoi Chea has a very long successful track record of saving homes from foreclosure throughout the years. You may be able to save your home, if you can afford your current monthly mortgage plus your monthly Chapter 13 Bankruptcy reorganization plan payment. Your monthly Chapter 13 Bankruptcy reorganization payment will include your mortgage arrearages and, if applicable, priority debts like domestic support obligation and recent taxes. Your mortgage payment arrearage will be spread out in a 60-month payment plan as well as your priority debts. This is a far cry from the 90 days deadline given by the Notice of Default! The Trustee Sale of your home is postponed so that you can “catch up” on your mortgage arrears under a Chapter 13 Bankruptcy plan payment. In effect, you are forcing your mortgage lender to accept your payments over the course of 60 months in exchange that foreclosure is stop.
However, Chapter 13 Bankruptcy filing to stop a foreclosure is not for everyone. The Chapter 13 Bankruptcy plan payment might be too high or the value of your home is far below the mortgage balance to make any sense in saving it. Things to consider before filing Chapter 13 Bankruptcy: Do I make enough to support my family and make my monthly mortgage payment? Can I cut down on some expenses to afford my current monthly mortgage payment plus try to catch up on the arrearages in 60 months? Keep in mind, I can reduce your car payments by stretching it out to 60 months, reducing interest rates, or lowering your balance owed. I might be able to reduce other monthly installment payments. This extra savings can be used to pay your Chapter 13 Bankruptcy Plan payment, thereby providing funds to stop the foreclosure. If you find that you do not have enough income, you might want to ask yourself if you can rent out a room to a family member or friend; if you can pick up extra hours; and if your family member can contribute more. To be successful in stopping foreclosure requires careful planning before, during and after bankruptcy so that this will not happen again. I can help you when you schedule a consultation with me. Remember, careful and thoughtful planning takes time and you should not delay.
Call Muoi Chea, Foreclosure Attorney to get an in-debt foreclosure consultation at the following offices in Sacramento, Stockton, and Fairfield, California. Over the years, Muoi Chea has a long successful record of helping distressed homeowners throughout Northern and Central California and will continue to do so.
When you come in for a consultation, you should bring the following documents:
1. 7 months of paystubs for both you and your spouse;
2. most recent mortgage statements
3. Notice of Default and Notice of Trustee Sale Date
4. most recent tax return filed
5. general knowledge of liens on home. I suggest you obtain a title report or go to the county recorder’s office where your home is located.
Distressed homeowners facing foreclosure should also be wary of scams that “guarantees” quick and unbelievable results. For more information, click on Beware of Foreclosure Scams.
For more details about the Foreclosure Process or Timeline, Click Here.
Although the economy is in recovery mode, foreclosure is still a real threat to many homeowners throughout Northern and Central California in Sacramento, Roseville, Rocklin, Modesto, Stockton, Vacaville, Fairfield, and Vallejo area, California. Foreclosure is still a prevalent problem, so do not feel like you are the only homeowner who could not keep up with your mortgage payment. This is not the time to feel shame. It is a time to act. Everybody has bad luck. But not everybody has the resolve to pick themselves up and act. Chapter 13 Bankruptcy can save your home from foreclosure and I have the pleasure of helping homeowners throughout Northern and Central California save their home throughout the years. Because the economy is recovering, more and more people are able to afford to file Chapter 13 Bankruptcy and keep up with their Chapter 13 Bankruptcy Plan payment. You can save your home from foreclosure, but you must act and call Muoi Chea experienced Foreclosure Lawyer today to discuss your option.
It must be noted that Foreclosure Law is very complex and is different in different states. The foreclosure law in California can be very different from even neighboring states.
Foreclosure is an extremely serious matter. A lender can sell your home in a very short period of time after the Notice of Default is filed on your property. The worst thing for you to do is to delay. It becomes much more difficult to stop the foreclosure the further you are in the foreclosure process. Muoi Chea Bankruptcy – Stop Foreclosure Attorney is ready to discuss your case and provide the best solution for you.
Chapter 7 Bankruptcy cannot stop foreclosure. It can stall foreclosure. If you receive a Chapter 7 Bankruptcy discharge, you are not personally liable for the debt after your mortgage lender foreclosed on the collateral.
Chapter 13 Bankruptcy can stop foreclosure as long as you timely pay your Chapter 13 Bankruptcy plan. You are catching up with your delinquent mortgage payments over a period of 3 to 5 years while making your monthly mortgage payments. Your mortgage lender must accept this repayment plan, which is a great way to keep your house if you have the financial means to make the Chapter 13 Bankruptcy plan payments. Call Muoi Chea Bankruptcy Attorney for an estimated plan payment, with offices in Sacramento, Stockton, and Fairfield, California to better serve all Northern and Central California residents facing foreclosure.
In addition to preventing a foreclosure, you can also strip off the Second Mortgage or Equity Line of Credit on your house through a Chapter 13 Bankruptcy.
Second Mortgage and Home Equity Line of Credit can foreclose on your house if you defaulted on their loan. However, this is not as common as foreclosure by the first mortgage (aka first deed of trust) because usually the house is not worth significantly more than the payoff balance of the first mortgage. If the second mortgage (aka junior lien) is to foreclose on the first mortgage (aka senior lien), the second mortgage must pay for the first mortgage. There must be sufficient equity after the first mortgage to make it worthwhile for the second mortgage to foreclose on the house. However, if the first and second mortgage are the same lender, this analysis does not apply.
Call to schedule a consultation at either the Sacramento, Stockton, or Fairfield Bankruptcy Attorney Office to determine if Chapter 13 Bankruptcy can be used to prevent foreclosure or strip off / eliminate the second mortgage or equity line of credit on your home.
To answer this question, you must understand California’s anti-deficiency statute CCP 726(a), which has 2 parts: “the one action rule” and “security first rule”.
The 2 types of foreclosures in California are Judicial and Nonjudicial Foreclosure. Judicial Foreclosure involves state court supervision in administrating foreclosure and Nonjudicial Foreclosure is administered by a trustee without court supervision. Most residential foreclosures are nonjudicial foreclosure because it is less expensive and less time-consuming than judicial foreclosure.
Mortgage lenders cannot get deficiency judgment after a nonjudicial foreclosure in the state of California. However, mortgage lenders can get deficiency judgment after a judicial foreclosure except in cases where the mortgage was used to purchase a 1-4 unit dwelling that is owner-occupied (aka purchase money for 1-4 unit residence), or the loan was seller-financed (aka seller carry paper, seller carry back).
However, lender of second mortgage or home equity line of credit can sue borrower for balance owed after the lender of first mortgage foreclosed except in cases where they are the same lender as the foreclosing lender and the second mortgage was used to purchase the residential property (aka purchase money security).
Click here for further discussion of Judicial and Nonjudicial Foreclosure and Their Effects on Obtaining a Deficiency Judgment against Borrower after Foreclosure.
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Call us at (916) 441-4205, (209) 751-7448, or (707) 394-4195, to schedule your FREE consultation at the Sacramento, Stockton or Fairfield, CA Bankruptcy Attorney Offices.
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Elk Grove, CA 95758
5250 Claremont Ave.
Stockton, CA 95207
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Fairfield CA 94533
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