Bankruptcy Law Attorney In Irvine To Save Home From Foreclosure

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Foreclosure can be a painful experience especially if it is a home you’d worked hard to buy for years. However, if you failed to pay your mortgage on time, then this is imminent. There are many things to consider if you wish to save your home from foreclosure. If you wish to know the best method for your situation, please consult a bankruptcy law attorney in Irvine.

Bankruptcy Law Attorney in Irvine to Delay a Foreclosure

You may renegotiate the loan or get a deed instead of foreclosure. In some cases, you may file for bankruptcy to save your home but it depends on your situation. When you talk to our bankruptcy law attorney, you will know all the options that prevent you from losing your home.

When filing for bankruptcy, the court will give you an automatic stay. It is an order that will require creditors to stop collecting debts from you.

Any activity that aims to sell your house will be suspended for up to three months. But the creditor can lift the stay.

That’s why you need to hire a lawyer to work with you. In that way, you have an experienced and knowledgeable person working by your side to guide you in saving your home.

The automatic stay will not stop the notice required in states before the creditor can carry out a foreclosure sale. Your creditor can lift the stay when the calendar months passed for notice.

Buying Time

Exemptions may not protect your house from being sold to pay your creditors, however, if you wish to stop the transaction, your lawyer may recommend filing for bankruptcy. This will help you buy some time to save your house from being sold.

One of your options is filing for bankruptcy under Chapter 7. This cancels the secured debt for your house though it’s not an ideal option if you don’t want to give up your property.

A better option is Chapter 13 where you can pay off any late payments over the repayment plan. However, you need to pay the repayment plan on time to avoid foreclosure.

The value of your house may drop due to an economic crisis. That’s why if you have multiple mortgages, the value of the house is no longer fully secured. Your lawyer may ask the bankruptcy court to get rid of your non-secured mortgages and make it an unsecured debt.

However, it still depends on the depth of your debt. That’s why it’s ideal that you talk to an attorney to help you out with your situation.

Although you can file for bankruptcy without the help of an attorney, it is not ideal. Keep in mind that filing requires that you use the right forms. If you fill out the wrong forms, then it may lead to your filing to be denied.

Hiring an attorney is your best option. At Karine Karadjian Law Office, we will find the best plan for you to handle all of your debt problems as soon as possible. Talk to our bankruptcy law attorney in Irvine today about your overwhelming debt: (747) 477-4408

Categories: Bankruptcy

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