Five Tips To Stop Foreclosure With Bankruptcy
When someone fails to make payments on a home, the mortgage company may force payment by seizing and selling the property. This proceeding is known as foreclosure. If this happens to you, it can very seriously affect your credit rating (in a bad way).
Keep in mind that not all homes appreciate in value. If you are mainly interested in the investment value of a home, note the risks involved. To finance homes at higher prices, some buyers use riskier mortgages. Homeowners also take out loans against their equity and spend the money on a variety of necessities. By cashing out their equity, homeowners take on more debt. If interest rates rise or the market declines, the home is at risk for foreclosure if the homeowners cannot make payments.
If you are facing foreclosure due to any of the above concerns then bankruptcy may be a viable option for the following reasons:
1) The mortgage company may take immediate title to the foreclosed property;
2) The home may have a judgment attached to it (requiring strict statutory and constitutional compliance);
3) There may be a writ of execution or garnishment filed against the property or your wages;
4) The bankruptcy trustee may provide extension agreements regarding the property;
5) Filing of a bankruptcy secures an automatic stay against any of the above creditor collection methods until your case is brought before the court judge.
If you have a question regarding Bankruptcy in California please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
