Oakland Attorney Working With Clients to Save Their Homes
After you've worked hard to obtain a mortgage loan, buy a house and keep up with your initial payments, the last thing you want is to lose your home because of circumstances beyond your control, such as the loss of a job or a market rate adjustment.
At the Law Office of Jeff D. Hoffman in Oakland, we help clients stop foreclosure and take all available steps to save their homes. Contact us to schedule a free consultation with bankruptcy and debt reduction attorney Jeff D. Hoffman.
Using Bankruptcy Protection to Stop Home Foreclosure
Every home foreclosure case is different, and there is no one-size-fits-all solution. There are several ways, however, that filing bankruptcy can stop foreclosure and save your home.
First and foremost, filing bankruptcy will cancel your scheduled home foreclosure sale and stop the foreclosure from moving forward while your bankruptcy case is in progress. This feature of bankruptcy is called the "automatic stay."
Next, Chapter 13 bankruptcy gives a debtor five years to pay off the arrearage that has accumulated on the mortgage debt, as long as (s)he can also make the normal monthly mortgage payments.
Finally, junior liens (i.e., second or third mortgages) may be "stripped" if they are completely unsecured due to the house being worth less than the first mortgage. This will reduce the monthly mortgage payments by reclassifying the junior lien(s) as unsecured debt that will usually receive either nothing or only pennies on the dollar.
A knowledgeable bankruptcy lawyer like Jeff can examine your unique individual circumstances to give you advice targeted toward your needs and goals. Contact us to discuss your options for preventing home foreclosure.
