The foreclosure crisis hit San Francisco hardest in 2007-2009, but times are still tough for many homeowners. Although the worst is behind us, many San Francisco residents are still struggling to save their homes; particularly in the Bayview area and some pockets such as the Castro and South Beach. Job loss and sudden illness are common causes of financial hardship, and many homeowners do not have enough savings to stay afloat for more than a few months.
Many homeowners facing foreclosure don’t think about fighting back. Instead, homeowners often rely on their lender to help them by applying for a modification. For legal advice, you can talk to Foreclosure Lawyers in San Francisco to know your rights, and to know when a lender breaks the law in California.
If you are a San Francisco homeowner who has received a notice of trustee sale or a notice of foreclosure sale, there are simple steps you can take to save your home. Here is how to stop foreclosure today:
File Bankruptcy Can Stop Foreclosure Immediately
You can stop foreclosure by filing for bankruptcy. Depending on your situation, usually, a Chapter 7 Bankruptcy or Chapter 13 Bankruptcy will automatically stop foreclosure. When filing either bankruptcy chapter, the foreclosure process will stop immediately at the moment the petition is filed with the court.
File Chapter 7 Bankruptcy to Stop Foreclosure
Filing a Chapter 7 Bankruptcy it will automatically stop any foreclosure sale and all proceedings. Chapter 7 will also protect you against harassment calls from lenders, banks, and help to eliminate second and third mortgages. However, Chapter 7 will not allow a homeowner to keep their home if they have missed their mortgage payments and cannot afford to catch up.
File Chapter 13 Bankruptcy to Stop Foreclosure
Chapter 13 bankruptcy is more complicated than a Chapter 7 filing and allows you to wipe out more debt [such as a 2nd lien] compared to Chapter 7 Bankruptcy. Filing a Chapter 13 Bankruptcy it will automatically stop any foreclosure sale and all proceedings. Chapter 13 will also protect you against harassment calls from lenders, banks, and help to eliminate second and third mortgages. In a court-approved payment plan, you will have 3 to 5 years to repay any missed mortgage payments, and the lender is forced to keep accepting monthly payments for the mortgage instead of threatening foreclosure.
Mortgage Fraud Lawsuit
If your lender is trying to illegally foreclose on your home, you may be able to sue the lender for mortgage fraud. California passed a law in 2013 that protects homeowners from illegal foreclosure [SB900]. If the lender breaks the law in California, a homeowner can stop the foreclosure and receive compensation for harm. The most common mortgage fraud violation is Dual tracking.
What is Dual Tracking? How to get Help
Dual tracking is a specific violation of your SB900 rights. This is where the lender continues to move ahead with foreclosure at the same time that you and the lender are working on a loan modification. Based on the SB900 law, dual tracking is grounds for a lawsuit to stop the foreclosure process and for damages. For more information on how to identify dual tracking, you can contact foreclosure attorneys in California for a free case evaluation.
Trusted San Francisco Foreclosure Attorney
There are experienced foreclosure attorneys that can help to identify every legal option to stop foreclosure immediately. Usually, the two most common methods to stop foreclosure are to file a lawsuit when the lender foreclose your home wrongfully and file bankruptcy when you are behind on payment. If you have received a foreclosure notice, it’s not too late! Lenders intimidate borrowers by saying they can legally sell your home if you fall behind on payments, but if you know your rights you can protect yourself and save your home.
Free Foreclosure Advice for San Francisco Home Owners
Consumer Action Law Group is a firm dedicated to helping homeowners to stop foreclosure. Our California foreclosure lawyers have helped to save homes in San Francisco and throughout the state. Hiring a San Francisco foreclosure attorney can stop foreclosure in just a few minutes, anywhere within California.
Consumer Action Law Group offers free consultations to all homeowners who need help to save their homes and stop foreclosure. If your home is located within San Francisco stopping the foreclosure is possible up to the moment that the auction is closed. An Experienced foreclosure attorney can stop foreclosure within a few minutes. To speak to a foreclosure attorney for free today, call 818-254-8413.