Many homeowners do not realize that it is possible to save the home right up to the day before the auction. Homeowners can immediately stop a foreclosure by filing bankruptcy or by filing a lawsuit based on illegal foreclosure.
California, November 17, 2015 — Many homeowners feel like there’s no hope after receiving a notice of default. Some homeowners think it’s impossible to stop a foreclosure sale after they receive the notice of trustee sale. Many homeowners do not realize that it is possible to save the home right up to the day before the auction. Any experienced Mortgage attorney will recommend taking legal action to stop a foreclosure. Homeowners can immediately stop a foreclosure by filing bankruptcy or by filing a lawsuit based on illegal foreclosure.
While many lenders make it seem that there is no viable alternative to save the home, homeowners shouldn’t give up so easy. Many homeowners immediately move their family from the property after receiving a foreclosure notice, instead of contacting a mortgage lawyer to discuss options. Most homeowners believe that it’s worth the effort to save their home if there is real hope for stopping the foreclosure and getting back on track with mortgage payments.
Foreclosure Litigation – When to Sue the Mortgage Lender
One option for stopping a foreclosure is filing a lawsuit. Filing a lawsuit is a very effective way to stop a foreclosure. A homeowner can file a lawsuit under the California Home Owner Bill of Rights [SB900] and get protection from a foreclosure. An order must be signed by a judge to stop the foreclosure auction. Homeowners can file a lawsuit with the Superior Court in their county depending on where their property is situated. The goal is to stop the foreclosure. A Mortgage foreclosure attorney is the best person to evaluate a case to find any violation by the lender.
Filing Bankruptcy to Stop or Delay Foreclosure
Homeowners can file bankruptcy to stop or delay a foreclosure. When consumers file bankruptcy the first time, it will automatically stop a foreclosure. Consumers usually file either chapter 7 Bankruptcy or chapter 13 Bankruptcy to stop a foreclosure. In most cases, filing bankruptcy will immediately stop and postpone the foreclosure. Homeowners can save their home by filing bankruptcy. Most Mortgage lawyers will recommend filing bankruptcy as the best solution to stop and delay foreclosure.
By filing bankruptcy, Mortgage lawyers can eliminate debts while securing assets. Chapter 13 Bankruptcy is filed when a homeowner is able to repay the missed mortgage or car payments in a 3-5 year plan. Chapter 13 bankruptcy also allows borrowers to strip a second loan that is unsecured, while getting caught up on mortgage or car payments. Chapter 13 is only available to consumers whose income is sufficient enough to afford monthly payments under a reasonable payment plan.
Chapter 7 Bankruptcy allows homeowners to completely eliminate credit card debts, medial debts, and to stop garnishment of wages. Chapter 7 Bankruptcy also also stops and delays a foreclosure sale for while, and it discharges any debt related to a first mortgage loan. Some Mortgage lawyers recommend filing bankruptcy because of the automatic stay. The moment that a bankruptcy is filed, it automatically stops the collection process and postpones the foreclosure date. Although bankruptcy is a good option to delay foreclosure, it will affect the homeowner’s credit. It typically takes 1-2 years after filing bankruptcy for a homeowner to qualify for credit cards, car loans, or a refinance for the home loan.
Homeowners typically need to hire a mortgage lawyer to save their home after they receive a notice of default. It’s best to call a mortgage lawyer to discuss the best options to stop foreclosure.
For homeowners in California, it is best to contact Consumer Action Law Group for immediate help in stopping foreclosure. Consumer Action Law Group is a law firm dedicated to stopping foreclosure and fighting mortgage fraud. The mortgage attorneys at Consumer Action Law Group advise homeowners how to stop foreclosure for free.
Any person faced with foreclosure is advised to call (818) 254-8413 for legal help to discuss options to stop the sale date. For more information, visit the website online: www.consumeractionlawgroup.com