Stop Foreclosure Today
There are many myths surrounding foreclosure defense in California. Many individuals facing foreclosure turn to the internet for advice, investing countless hours reading articles promoting the effectiveness of loan modification or the “produce the note” defense. Some of these tactics are more effective than others, and a few homeowners actually benefit from protected foreclosure defense litigation due to predatory lending practices. However, for the majority of homeowners facing foreclosure an affordable and certain tactic is needed to save their home.
Chapter 13 bankruptcy is an affordable and effective method for stopping foreclosure and saving your home. Stop your foreclosure in Santa Rosa, Sonoma County or Marin County today by calling bankruptcy attorney Adam Garcia at (707) 200-6688.
How Chapter 13 Bankruptcy Stops Foreclosure
Both chapter 7 and chapter 13 bankruptcy will stop foreclosure immediately, but only chapter 13 bankruptcy can save your home from foreclosure. Here’s how.
The Automatic Stay
When a client files bankruptcy the automatic stay (see 11 USC 362) arises by operation of the U.S. Bankruptcy Code. The automatic stay acts as an immediate injunction against most collection actions, including foreclosure. In effect, once a bankruptcy petition is electronically filed with the U.S. Bankruptcy Court the foreclosure process must stop. Any action taken in violation of the automatic stay, such as the Trustee’s sale, is void and without legal effect. Therefore, as soon as our foreclosure attorney electronically files your petition with the U.S. Bankruptcy Court the scheduled Trustee’s sale cannot occur.
Repaying Late Mortgage Payments
In chapter 13 bankruptcy you can force your lender to accept a 3 to 5 year repayment plan in which your repay late mortgage payments. Once satisfied, you will no longer be in default on your home mortgage and the lender cannot reinstate foreclosure proceedings. This ability to force your lender to accept a repayment schedule is the mechanism by which you can save your home from foreclosure.
Stop Foreclosure Today
You can file chapter 13 bankruptcy today and stop the Trustee’s sale scheduled for tomorrow. This emergency bankruptcy filing is possible but requires coordination between you and the attorney. To learn more about filing an emergency chapter 13 bankruptcy petition call our attorney at (707) 200-6688.
SantaRosaForeclosureAttorney.com is a partner site of SantaRosaBankruptcy.us, the leading bankruptcy website for Santa Rosa. Bankruptcy attorney Adam Garcia can help you stop foreclosure and keep your home. If your goal is to eliminate a second mortgage, reduce the amount owed on your car, or just erase credit card debt contact bankruptcy attorney Adam Garcia. After a brief phone consultation you will better understand your bankruptcy options.
Do I Really Need To File Bankruptcy?
There is an unwarranted social stigma surrounding bankruptcy. Some people think bankruptcy is a last-resort while others believe bankruptcy is an “easy way out.” If you’re facing foreclosure chapter 13 bankruptcy may in fact be a last resort, but it’s also a highly effective one, and no, it’s not an “easy way out.”
In chapter 13 bankruptcy homeowners repay late mortgage payments over 3-5 years. In turn, banks cannot foreclose while the chapter 13 repayment plan is in effect. After homeowners have satisfied their 3-5 year repayment plan some debts may be discharged (eliminated) in whole or in part. Furthermore, at the conclusion of their repayment plan homeowners will no longer be in default on their mortgage and therefore no longer be at risk of foreclosure.
In summation, chapter 13 bankruptcy involves the consolidation and repayment of certain debts over time. Certain debts may be eliminated in whole or in part and petitioners generally do not lose any property. For those homeowners facing foreclosure chapter 13 bankruptcy is an effective and affordable method for stopping foreclosure.