Alisa Says: Don’t Just Give Up Your Home!
Speak to an experienced bankruptcy attorney about all your financial options first.
Facing foreclosure can be stressful and overwhelming. Before giving up your home, it is important to understand the legal protections and debt relief options that may be available.
Alisa Admiral helps homeowners throughout the South Bay and Los Angeles areas evaluate foreclosure solutions and determine the best path forward.
Experienced Bankruptcy Attorney Helping With Foreclosure Options
Alisa can help you understand your foreclosure options and explore possible solutions, including bankruptcy protection, loan modifications, and debt restructuring strategies.
Foreclosure Information & Home Protection Options
In California, mortgage companies generally have two options for foreclosing on real estate: judicial foreclosure through a lawsuit or non-judicial foreclosure, which begins with a Notice of Default filed with the county recorder.
Foreclosure procedures can be complex, and homeowners have different rights depending on the type of foreclosure being pursued. In many cases, a property may be sold at auction less than four months after foreclosure proceedings begin. After a foreclosure sale, the homeowner may eventually face eviction proceedings.
Understanding your rights early can make a significant difference.
Five Ways to Stop a Foreclosure
There are several possible ways to address foreclosure, including:
Bankruptcy may provide options to help homeowners protect their property, gain additional time, and address potential post-foreclosure liability.
Using Chapter 13 Bankruptcy to Stop Foreclosure
If you want to save your home, a Chapter 13 bankruptcy attorney in South Bay may be able to help you explore a repayment plan designed to:
A Chapter 13 bankruptcy may also provide time to pursue alternatives such as loan modification or a short sale.
Understanding Foreclosure Deficiency Claims & Debt Liability
After a foreclosure, a mortgage company may have the ability to pursue a deficiency claim depending on the circumstances and applicable California laws.
A deficiency is generally the difference between the amount owed on the mortgage and the value of the property.
California has laws that may limit a lender’s ability to collect certain deficiencies; however, exceptions may apply. Speaking with an experienced foreclosure bankruptcy attorney can help you understand whether you may have protection.
Foreclosure may also result in tax-related concerns, including receiving a 1099-C cancellation-of-debt notice. Homeowners should discuss potential tax implications with their tax professional.
California Foreclosure Attorney Helping You Understand Your Options
If you may be responsible for foreclosure-related debt or cancellation-of-debt issues, bankruptcy may be an option to consider.
It is extremely important to speak with a bankruptcy attorney before your home is sold at auction, because homeowners typically have more available options while they still have possession of the property.
Do you need help understanding your rights regarding a foreclosure? Call:Â (310) 328-4400 or fill out our form for a consultation. Let our attorneys answer your questions.
Trust Alisa Admiral With Your Bankruptcy Filing
Foreclosure can create difficult financial decisions, but understanding your legal options can help you make informed choices.
Alisa Admiral provides guidance for homeowners facing:
Please contact us with any questions you have; we are here to help.