There are few feelings scarier in life than thinking you might lose your home. If you have gotten behind in your mortgage payments, lenders often have very little empathy and will initiate foreclosure proceedings. However, many foreclosures are done in fraud (with some sources estimating up to 85%).
Foreclosure defense involves fighting back against a lender who is trying to foreclose to either stall the foreclosure process or stop it altogether. Filing for bankruptcy is one of the best ways to keep a foreclosure from proceeding. Once you have filed for bankruptcy, an automatic stay is issued which stops the foreclosure. This remains in effect throughout the bankruptcy process, unless the lender requests that the foreclosure be allowed to continue.
Foreclosure Defense Options Available For You
A Chapter 7 bankruptcy allows you to get current with your mortgage payments or modify your mortgage loan, but it does not stop a foreclosure if you cannot pay your mortgage. In contrast, a Chapter 13 bankruptcy allows you to create a new mortgage agreement with lower payments.
There are other defenses against foreclosure, including short sale, strategic default, loan modification and deed in lieu. If you need someone to review your mortgage agreement and discuss all of your options with you, contact Wolff & Wolff today! We will do everything possible to help you keep your home.
We can also see if trustee verification is a good option for you. This is when the trustee's right to sell your home is challenged. At other times you can get an Injunction Against Foreclosure if a lender violated Truth in Lending laws, engaged in a wrongful foreclosure or failed to follow relevant foreclosure statutes.
Judicial & Non-Judicial Foreclosure
In California, if you are in default on mortgage payments, a lender can seek either a judicial foreclosure or a non-judicial foreclosure. In a judicial foreclosure, a lender is able to pursue a mortgage deficiency from the homeowner. After the foreclosure, the lender can file a lawsuit against the borrow insisting that he/she pay the amount remaining on the mortgage loan. These are fairly rare, however.
Non-judicial foreclosures are more common procedures. In this process, a lender seizes a borrower's property without going through the court system. After you fall behind in your mortgage payments, a lender issues a notice of default. If you do not pay the past due within the specified amount of time, you face foreclosure. The lender can set a sale date and proceed to auction your home. Unlike in a judicial foreclosure, in this process, a lender does not collect a deficiency judgment against the homeowner. Lenders take to pursue non-judicial foreclosures because it speeds up the timetable and keeps costs minimal.
Let us help you!
Our firm is prepared to advise you about how you can stop the foreclosure process dead in its tracks, can inform you about all of the foreclosure defense strategies available to you and can help put an end to the pain, stress and frustration you've been facing. Let us advise you of all of the options before you!
Were the terms of your mortgage unconscionable? Are you a service member on active duty? Did the original lender engage in unfair lending practices? Or did the foreclosing party not follow state procedures? Regardless, we will fight to uphold your rights and fight so that you can keep your home. Don't delay in securing the aggressive legal representation you need on your side during this time! Contact Wolff & Wolff today and get competent, hard-hitting legal services behind you now! We are dedicated to providing superior customer service and are prepared to help you today!