How state and federal law can help you stay in your home
The idea of losing your home or place of business can be terrifying. Unfortunately, if you have fallen behind on your mortgage payments it is a distinct possibility unless you take prompt action. Even those facing imminent foreclosure have several options they can pursue to save their homes, delay the process or surrender the property without suffering the adverse consequences of foreclosure. Our Woodland Hills foreclosure attorneys at the Law Office of Michael H. Raichelson can assess your individual situation and determine what your viable options are. We can then help you implement those options through negotiation with your lender, court process or other means.
Typical options for fighting foreclosure
Property owners facing foreclosure have several options for avoiding or delaying the process. An experienced foreclosure defense lawyer in Van Nuys or Sherman Oaks can help you decide which option is most appropriate considering your goals and circumstances:
- Mortgage modification — Between legal costs and the reduced price property usually brings at foreclosure sales, lenders stand to lose a great deal of money by foreclosing. That is why many are willing to negotiate mortgage loan modifications that allow lenders to keep their homes or businesses in lieu of foreclosure. Borrowers in Northridge and Encino must reach out to lenders quickly, however, as the farther along the foreclosure process gets, the less likely the lender is to negotiate.
- Short sale or deed in lieu — Unfortunately, neither of these options allow you to keep your home, but they help you avoid owing a deficiency — the difference between what you owe and the sale price of the house. Negotiating a short sale allows you to sell the home to a third party and turn over the proceeds of that sale to your lender in satisfaction of your loan, even if the sale price is less than what you owe. Alternatively, your lender may allow you to voluntarily turn over the home to satisfy your loan and avoid foreclosure.
- Challenging the foreclosure itself — While California law allows foreclosures to take place outside of court under most circumstances, there are still conditions and timeframes your lender must respect. Challenging your lender's right to foreclose or adherence to legal requirements can delay the process and may allow you to stay in your home a little longer.
- Bankruptcy — Bankruptcy imposes an automatic stay that halts and prevents foreclosure. In this way, filing for Chapter 7 may serve as a temporary stopgap measure that prevents foreclosure while your case is pending. Chapter 13 also stays foreclosure proceedings but may actually allow you to save your home by addressing your mortgage in your payment plan.
Contact our attorneys today if you are facing foreclosure
If you are worried about defaulting on your mortgage or are already involved in the foreclosure process in Oxnard, Los Angeles or Ventura, the worst thing you can do is nothing. Our attorneys at the Law Office of Michael H. Raichelson can help you take the steps necessary to protect yourself during foreclosure and even save your home in some cases. If you are in this situation, call us immediately at 818-444-7770 or contact us online to discuss your situation with a California foreclosure defense attorney during a free and confidential consultation.