Folsom, CA Mortgage Foreclosure Defense Lawyer
If you or someone you know suspects they may be close to facing foreclosure, you need immediate legal help by your side. Our knowledgeable, experienced Folsom, CA mortgage foreclosure defense lawyers at The Bankruptcy Group may be able to help.
Let our years of experience help you defend your home from foreclosure. For a free, confidential consultation, call our law offices today at (800) 920-5351.
Common Causes for Foreclosure
The continuing, tough financial challenges affecting millions of Americans every day have made it impossible for many to keep up with their mortgage obligations. Unfortunately, many of these people will lose their homes to foreclosure. Everyone’s financial situation is different, but there are some common issues that may increase your chances of falling into foreclosure:
A divorce is often a contentious process where one of the spouses is left paying the mortgage every month. This can put that spouse under financial pressure. While it is always wise to do your best to keep up with your mortgage payments, a divorce process can be emotionally taxing and financially costly, which can result in missed payments and an eventual foreclosure notice.
The death of a spouse can have a significant impact on household finances. This is especially true when the deceased spouse was the sole provider. Unfortunately, your creditors may not care about the burdens you face and will often try to go after your house to cover whatever debt is owed to them. If this is your situation, there are ways you can prevent your home from being foreclosed. We will discuss your options further throughout this article.
Few things can be more devastating than an unexpected illness. Developing a terminal disease or suffering from a long-term illness can cause you to incur in significant expenses. Medical expenses, including medical care, prescriptions, major surgery, and other costs related to your illness can take priority over mortgage payments. The amount of money invested in your treatment can make it impossible for you to keep up with your mortgage.
How to Protect Your Home from Foreclosure in California
Many people may feel hopeless due to their financial situation. It may seem as if they cannot find a solution to their problem. However, there are ways a debtor can protect their property against creditors. People facing foreclosure can explore several alternatives to help them prevent their homes from being foreclosed.
If you are facing foreclosure, filing for bankruptcy may be your best option. You may wonder how bankruptcy can help keep you from losing your property to foreclosure. It is important not to fall to the generalized misconception that bankruptcy is likely to leave you with no property at all. Contrary to what many people may believe, bankruptcy has helped thousands of people protect their house.
When you apply for bankruptcy, you get the protection provided by what is known as an “automatic stay.” An automatic stay prevents your creditors from collecting existing debt while the bankruptcy process is underway. Additionally, bankruptcy can also help you take care of the debt that led you to face a potential foreclosure in the first place.
For instance, filing under Chapter 7 (liquidation, or “straight bankruptcy”) can help debtors manage their debt by eliminating most of their unsecured debt. This means you can wipe most of your credit card debt if you successfully complete the Chapter 7 process.
Alternatively, Chapter 13 can also be a great choice not only to take advantage of an automatic stay but to repay your debt through the execution of a repayment plan. Generally, the debtor proposes a repayment plan to their creditors that can last up to 5 years. During this time, your creditors cannot go after your property, and you will be able to pay back what you owe while building a new financial start.
However, not every debt you may have is protected by the automatic stay. For instance, any obligation derived from child support will not be protected by the automatic stay. It is in your best interest to keep making your child support payments on time to avoid further complications with the law. Additionally, any criminal debts are exempted from the protections provided by the automatic stay. You should always consult with an experienced, skilled mortgage foreclosure lawyer who can help you determine the best course of action to fight against foreclosure.
Folsom, CA Bankruptcy Attorneys Handling Mortgage Foreclosure Cases
If you or a loved one is at risk of losing their property to foreclosure, our skilled, experienced Folsom, CA mortgage foreclosure defense lawyers may be able to help. Do not let debt be the end of the road for you. Start exploring your options by talking with the experienced bankruptcy attorneys at The Bankruptcy Group. To learn more about your case in a free, confidential consultation, call our law offices today at (800) 920-5351.