Oakland, California, Foreclosure Prevention Attorney
After you have put so much time, energy and money into your home, facing the fear of losing it because of a lost job, market rate adjustment or another financial impediment can be a devastating prospect. Foreclosure prevention can seem like an impossible hurdle, but it can be accomplished with competent counsel by your side to help you along the way.
At the Law Office of Jeff D. Hoffman, we take pride in our foreclosure prevention services and helping people stay in their homes. We have the knowledge and experience to present all the available options for foreclosure prevention and assist you in navigating them successfully. If you have questions about foreclosure prevention, please do not hesitate to contact us to schedule a free consultation at our Oakland office today.
While it is always advantageous to try and work with your lender to refinance or renegotiate the terms of your loan, sometimes this is not an option. If you find yourself in this position, Jeff D. Hoffman is here to help you explore other debt reduction options, including those existing under Chapter 13 bankruptcy.
Strip Away Junior Liens
When you file for bankruptcy, any action being taken to foreclose on your home will automatically be stopped. One of the next steps is to see if you have a second or third mortgage on your primary home that can be stripped. Lien stripping is allowed when the house is not worth more than the amount of the first original loan.
Cram Down Loan Options
Next, under the bankruptcy code, if your first mortgage for any property other than your primary residence is underwater and is now more than the home is worth, Jeff can help you cram down the first mortgage. By cramming down, the loan will shrink to the actual value of the home now, and you will be able to fulfill your new obligation under the five-year repayment plan specified under Chapter 13 terms.
Catch Up on Back Payments
If you can now make your monthly payments but have an arrearage or back payments due, under Chapter 13 bankruptcy, you will have five years to make up these arrears.
Foreclosure prevention can take many forms, and usually these options can be combined. Jeff is here to explain the options and create a plan for you to keep your home or other property. As a debt relief agency operating within the bankruptcy code, we are here to help you during your time of need. Contact us today to schedule a free consultation to see how we can help you.
