Do You Need to Stop Foreclosure in Irvine CA?
If you are facing a foreclosure on your home in Irvine, you need to call The Bankruptcy Experts ASAP. We can make sure that the foreclosure is postponed right away and give you the time you need. Stopping all creditors in their tracks. If you are facing massive financial commitment and monetary mess up that is just worsened by your home loan payments, then you have to call us.
It’s time to consider bankruptcy if your life has been taken over by looming foreclosure, constant badgering phone calls from creditors, lawsuits or garnishments of your wages or property. Or maybe your debt has you trapped due to the amount of each payment and the extent of the debt. There are many kinds of debt that can get you into these situations, including medical bills, credit card balances, falling behind on your mortgage, loans and back taxes owed to the government and even car repossessions.
Bankruptcy Attorney to Stop Foreclosure Near Me in Irvine CA
Experienced, professional bankruptcy attorneys, understand the difficulties and worries you face. We know your best options. We are here to help and will work with you to alleviate your financial uncertainty. Even before your bankruptcy petition is filed, an attorney can help shield you from creditor harassment. In a non-judgmental and supportive way, we can help you understand your options, the process of filing for bankruptcy, and help lift the burden of financial uncertainty.
Free Bankruptcy Consultation – Call Now (855) 997-4655
Irvine Bankruptcy Attorney, The Bankruptcy Experts, are dedicated BK Lawyers with over 10 years experience in dealing with the complex issues concerning bankruptcy. We have the skills and expertise to handle any type of bankruptcy problems you might be experiencing. We proudly offer our services to businesses and individuals throughout Irvine CA and the surrounding areas.
You may feel hopeless, and at the mercy of a faltering economy, but don’t despair. Relief is available, and there is no shame in using the law to protect yourself when you are buried under a pile of debt. You aren’t responsible for the economy, and you didn’t create the mortgage crisis. So use the law to protect yourself and your family.
A Second Chance
Bankruptcy laws are in place to help Americans get a second chance when they are snowed under by economic pressures. You have rights, including the right to be free from harassment by creditors. If your creditors are hounding you, you can make them pay. And if your debt has become more than you can manage, you may be able to file for bankruptcy.
Foreclosures have really been on the increase since 2008. From 2007 to 2009 around 3 million property owners were handling foreclosure. That number has tripled in size. This realty collapse incorporated with economic difficulties and many property owners being “upside down” or “underwater” in their homes has caused a realty crisis in the United States.
Americans are turning to submitting Chapter 13 bankruptcy in order to stop an upcoming foreclosure sale. The original purpose of Chapter 13 bankruptcy was to make it possible for a person who was dealing with monetary destroy to place all of their financial commitment into one huge quantity which would then be reorganized and paid off one month at a time over a 3 to 5 year duration.
In general, a Chapter 13 bankruptcy needs more than simply a house being “undersea” for a court to rule in your favor. If your profits is adequate for making your home mortgage payments and you have no genuine noteworthy financial responsibility, then you probably will not get approved for a Chapter 13 bankruptcy. Of course, your situations might be different or there might be other conditions that utilize. But merely being “underwater” by your mortgage loan and behind on your payments is generally not enough to certify.
If your financial scenario is temporarily in disorder because of unanticipated costs, medical emergency situations, significant automobile repair work, and so on, informing your loan company is crucial. It is very possible that the loan company may utilize a short-term deferment of your payments or provide you with re-payment terms which permit you to briefly decrease your payments owed in return for an extension of your mortgage. Getting in touch with an experienced, knowledgeable attorney– a genuine specialist in Irvine Bankruptcy– can provide you the recommendations and representation you require when dealing with such a situation.
Stop Foreclosure with a Bankruptcy Lawyer in Irvine CA
When you send either a Chapter 13 or Chapter 7 bankruptcy, the court automatically issues an order (called the order for relief) that includes an “automated stay.” The automated stay directs your financial institutions to stop their collection activities immediately. No reasons. If your home is scheduled a foreclosure sale, the sale will be legally postponed while the bankruptcy is pending– usually for 3 to four months. Especially when you live in Irvine California or in a nearby city
Nonetheless, there are 2 exceptions to this general standard:
Motion to raise the stay: If the loan provider gets the bankruptcy court’s approval to proceed with the sale (by submitting a “movement to raise the stay”), you may not get the full 3 to 4 months. But even then, the bankruptcy will normally hold back the sale by a minimum of 2 months, and even more if the lending institution is sluggish in pursuing the movement to raise the automated stay.
Foreclosure alert currently filed: Sadly, bankruptcy’s automatic stay won’t stop the clock on the advance notification that a lot of states need prior to a foreclosure sale can be held (or a motion to raise the stay can be submitted). For example, prior to offering a home in California, a loan company has to offer the owner a minimum of 3 months’ notification. If you get a three-month notification of default, and after that file for bankruptcy after two months have really passed, the three-month period will expire after you have actually stayed in bankruptcy for only one month. At that time the loan company could file a motion to raise the stay and ask the court for consent to set up to stop the foreclosure sale. This does not suggest the loan service provider’s movement would be offered, but it is best to have an experienced attorney in your corner in an effort to prevent that from occurring.
Many people will do whatever they can to stay in their house for the indefinite future. If that describes you, and you’re behind on your mortgage payments with no practical method to get existing, the only approach to keep your house might be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you pay off the “balance due” (late past due payments) over the length of a payment plan you propose– five years often. Nevertheless you’ll need enough income to a minimum of meet your present home mortgage payment at the same time you’re settling the arrange. Assuming you make all the required payments as much as the end of the repayment plan, you’ll prevent foreclosure and keep your home.
2nd and 3rd home mortgage payments:
Chapter 13 might likewise assist you get rid of the payments on your second or 3rd home mortgage. That’s because, if your first home mortgage is secured by the entire worth of your home (which is possible if the home has dropped in value), you might not have any equity with which to secure the later home mortgages. That permits the Chapter 13 court to “eliminate off” the 2nd and 3rd mortgages and re-categorize them as unsecured debt– which, under Chapter 13, takes last issue and regularly does not have to be repaid at all. All of this is common in California and throughout the region and remember, the time to do something is now.
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