YOU already know that your home is in foreclosure. You’ve received that dreaded Notice of Default. You know that after 90 days, your home can be scheduled for a Trustee Sale. You don’t have a lot of time left. Your home with all its memories, hopes and dreams will be gone. What are you going to do?
Facing foreclosure can be every homeowner’s worst nightmare. These days, you see a lot of companies offering you a “solution” to your problems. But can they actually deliver? Should you short sale your home, refinance or should you apply for a loan modification? The options you hear about can be confusing because you don’t know what to believe and who to trust.
The economic downturn has crushed a lot of hopes and dreams. I am sure this is not what you planned when you bought your house. Perhaps you planned on staying in this house for good. Or maybe it was just going to be a temporary home until you were ready for a bigger and nicer place. A lot of people also bought a home several years ago for investment purposes, hoping that someday they would be able to sell it at a profit after living in it for a few years. But now everyone is dealing with a different reality.
One of the legal remedies available to stop a foreclosure is by filing a Chapter 13 bankruptcy. Chapter 13 gets you up to 5 years to catch up and keep your home. If you have other debts like credit cards, personal loans, medical bills, back property taxes and all other types of debt, it also allows you to consolidate all these bills into one monthly payment that you can afford. A lot of people are not aware of this but Chapter 13 is a lot more affordable than trying to bring your account current with the lender on your own.
The biggest mistake that you can make when facing foreclosure is to wait until the last minute to take action. Once foreclosure begins, the clock is ticking and every day you wait doing nothing is a day wasted. It boggles my mind when I get calls from homeowners sometimes who tell me that their house is being sold the next day and that they need to file bankruptcy right away to stop it (same day that they are calling my office). They don’t understand that filing bankruptcy often requires some planning to make sure that it is done correctly and that the filing meets the client’s objectives. And if you are waiting until the day before the sale to even call a lawyer to find out what your options are to save your property, there’s a big chance that you will be out of luck and that you will either have very limited or no options at all.
If your lender has sent you a foreclosure notice of any kind, do not take it lightly. Consult with a knowledgeable bankruptcy attorney who can help you find a way to save your home. For a free consultation with me, call Toll-Free 1-866-477-7772. We have offices in Los Angeles, Cerritos, Pasadena and Valencia.
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None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped thousands of clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1 (866) 477-7772.