If you’re facing foreclosure we can stop the Trustee’s sale by filing an emergency chapter 13 bankruptcy petition. For only $2,000 before filing we can stop the Trustee’s sale and save your home in Napa County. Our chapter 13 bankruptcy attorney can often file an emergency petition the same day you call. If you’re facing foreclosure contact our attorney right away at (707) 362-4166 and learn how you can save your home from foreclosure.
How Chapter 13 Bankruptcy Can Stop Foreclosure & Save Your Home
Chapter 13 bankruptcy can be an effective tool for homeowners facing foreclosure. Even if you have significant equity, considerable assets or a Trustee’s sale scheduled for tomorrow, chapter 13 bankruptcy can save your home.
Title 11 of the United States Code, Section 362(a) states that when a bankruptcy petition is filed most collection actions (including foreclosure sales) are automatically stopped. The purpose of this section is to force creditors to participate in the bankruptcy system instead of continuing to take money and assets at the expense of fellow creditors. It is important to note that this stay against the continuation of collection proceedings comes into effect as soon as the bankruptcy petition is filed. If you file a bankruptcy petition on Tuesday the scheduled Trustee’s sale cannot commence on Wednesday. Accordingly, filing a chapter 13 bankruptcy petition is an effective way to stop the sale of your home in Napa, CA.
Save Your Napa Home
Filing a bankruptcy petition without more won’t allow you to keep your home in the long term. The creditor has a security interest in your home; if you stop making payments they can eventually sell your home (which is collateral for the loan) and apply the sales price to the balance of your mortgage. Fortunately for homeowners facing foreclosure, chapter 13 bankruptcy allows homeowners to force lenders to accept a 3 to 5 year repayment plan in which late mortgage payments will be repaid. Upon completion of the repayment plan the homeowner will no longer be in default and the lender will have no reason to initiate foreclosure proceedings. In essence, only through chapter 13 bankruptcy can the homeowner bring themselves current on their mortgage and out of risk of foreclosure.
Emergency Chapter 13 Bankruptcy
If you’re facing foreclosure you should file an emergency chapter 13 bankruptcy petition. Our foreclosure attorney can file your petition right away to stop an impending Trustee’s sale. If a Trustee’s sale has been scheduled for your Napa home contact our attorney right away by calling (707) 362-4166.