STOPPING Foreclosure …

If you have fallen behind on your home payments and are facing foreclosure – or suspect you may be in the near future – there are steps you can take to stop it.

RENEGOTIATING Your Loan

The first step to stopping foreclosure is to act now; the longer you wait, the more difficult your position will be. If you act fast, though, we may be able to negotiate a forbearance agreement or loan modification with your lender. This means the terms of your loan will be changed so that you can afford the payments.

LOAN MODIFICATION Management Pilot Program

The United States Bankruptcy Court for the Central District of California has established a Loan Modification Management Pilot Program (“LMM”). The LMM is designed to function as a forum for debtors and creditors to reach a consensual resolution when a debtor’s property is at risk of foreclosure. The goal of the LMM is to facilitate communication and exchange of information in a confidential setting and encourage the parties to finalize a feasible and beneficial agreement under the supervision of the United States Bankruptcy Court for the Central District of California. Currently, the LMM is just a pilot program and not a district-wide program.

CHAPTER 13 Bankruptcy

If we cannot renegotiate your loan, Chapter 13 bankruptcy remains a highly effective tool for stopping foreclosure on your home or other real estate. As soon as you file, foreclosure stops. Then you "catch-up" on mortgage payments in arrears over three to five years. Note: past due taxes may be handled this way as well. Sometimes what may appear to be an extreme measure, such as bankruptcy, may be the best course of action. But don’t wait – call right away. Time is your enemy once you fall behind in your payments.

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FREE CONSULTATION...

If you are facing foreclosure, you have options that may allow you to keep your home. To arrange a consultation, please send us a message.