House in Foreclosure - Five Basic Steps
It would have been wise to make some serious decisions to stop or delay a home prior to foreclosure proceedings, however, all is not lost. Here are five common sense steps to perhaps saving your house in foreclosure.
Step #1. Contact the lender to have the mortgage loan modified. Perhaps reducing the interest rate, extending the term of the loan or making interest only payments for an extended time will benefit you. Most lenders will consider this if you have shown in the past you are a good risk and not a deadbeat.
Step #2. Work a short sale by unloading the home yourself or via a realtor. Whatever funds you receive may satisfy the lender but be careful you're not sued for any deficiency after the fact.
Step #3. Creditor repayment plan. If your current hard-times are coming to an end, work a deal to pay back current arrears by showing job tenure and financial income.
Step #4. Chapter 7 or 13 bankruptcy. In most states a bankruptcy filing will protect a house in foreclosure and stop the proceedings without the lenders permission.
Step #5. Using the remaining home equity, if any, borrow enough money to bring payments current.
If you have a question regarding Foreclosure in California please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
