It’s no secret that housing prices in Marin are some of the highest in the nation. With housing so expensive it is easy to fall behind on your mortgage. Even the slightest disruption in income, even only a few months of unemployment, can jeopardize your ability to stay current on your mortgage. If you are behind on your mortgage and facing foreclosure we have a solution: chapter 13 bankruptcy. We can file an emergency chapter 13 bankruptcy petition to stop the Trustee’s sale and save your home.
Is Chapter 13 Bankruptcy The Right Solution?
For many clients with a scheduled Trustee’s sale the answer is yes. Negotiation with your lender has run its course and they’re ready to sell your home. When facing an imminent Trustee’s sale your options are limited. However, one option that remains is to file an emergency chapter 13 bankruptcy petition before the scheduled sale. Federal law requires collections action, including the continuation of foreclosure proceedings, to cease upon the filing of a bankruptcy petition. Accordingly, as soon as our Marin foreclosure lawyer files your emergency bankruptcy petition the Trustee’s sale cannot continue.
If you want to save your home after bankruptcy chapter 13 bankruptcy is the right solution. Only through chapter 13 bankruptcy can you cure the default on your long term debt (ie. your mortgage). In practice you cure the default on your mortgage by repaying late mortgage payments through a chapter 13 repayment plan over three to five years. Upon completion of this repayment plan you will no longer be in default on your home mortgage; in fact, you will be current. As long as you stay current on your mortgage your lender cannot initiate foreclosure.
Our foreclosure lawyer only charges $2,000 at the time of filing for an emergency chapter 13 bankruptcy. Many times we can file an emergency petition the same day you call. If you are facing foreclosure in Marin County it is imperative that you take action before the Trustee’s sale takes place. After the Trustee’s sale your options become extremely limited so we strongly encourage you to contact our office right away for a confidential consultation.