One of the worst experiences a homeowner can ever experience is coming home to find a foreclosure notice on the door. The details are often grim, with the mortgage servicing company demanding a combination of missed payments, late fees, interest, and attorney costs that you simply cannot afford. At that moment, you feel as though there is just no hope.
But what you need to know is a foreclosure notice is just the beginning of a lengthy legal process in which you have rights as a homeowner. The key to stopping a foreclosure and getting back on track is to be proactive, which is why it is essential to seek a bankruptcy lawyer in Los Angeles when you find yourself in such a predicament.
As a general rule, the court system doesn’t want to see people thrown out of their homes, and because the mortgage companies and banks have much greater resources to pursue remedies under the law, many courts do what they can to try and level the playing field a bit. Hence, make sure to read the foreclosure notice and the accompanying documentation very carefully, because it is not unheard of for courts to require the mortgage company to include information on available options to help you as part of the foreclosure filing.
There may also be remedies available to you under state or federal law. Programs like the Fannie Mae Flex Modification are designed to help people stay in their homes while paying less every month. It is a solution that is not only workable, but minimizes the impact on your credit as well. The key to a program like the Fannie Mae Flex Modification is taking the time to understand the requirements of the program so you aren’t denied on a technicality or a missed deadline.
Depending on your overall financial situation, an experienced bankruptcy lawyer in Los Angeles may advise you that your best option may be to file Chapter 13 bankruptcy. The reason you would opt for a Chapter 13 instead of the more common Chapter 7 is because a Chapter 13 bankruptcy is specifically geared to help people facing foreclosure.
One of the biggest advantages to filing a Chapter 13 bankruptcy is that the filing stops the foreclosure process squarely in its tracks. You can even stop a sheriff’s sale of your home mere minutes before the sale takes place if your bankruptcy lawyer files a Chapter 13 in time.
There are specific requirements to filing Chapter 13 bankruptcy, one of which is that you have regular income, be it from a job, a pension, or government benefits like Social Security. The bankruptcy process is highly technical and will almost certainly require you to obtain an experienced attorney licensed to practice in federal court.
Vokshori Law Grouphas stopped over 1000 foreclosures, with an average monthly savings of $1066, and we would be more than happy to put our expertise to work for you.
To schedule aninitial consultation please contact Vokshori Law Group, a leading bankruptcy and loan modification law firm in Los Angeles, at 855-855-2608 or visit www.Voklaw.com for further information.