Do You Need to Stop Foreclosure in Palm Springs CA?
If you are facing a foreclosure on your home in Palm Springs, 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 enormous financial commitment and monetary ruin that is simply worsened by your mortgage 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 Palm Springs 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
Palm Springs 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 Palm Springs 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 in fact been on the increase since 2008. From 2007 to 2009 around 3 million homeowner were handling foreclosure. That number has tripled in size. This realty collapse incorporated with financial problems and numerous homeowner 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 approaching foreclosure sale. The initial function of Chapter 13 bankruptcy was to enable a person who was dealing with financial mess up to place all their monetary obligation into one big amount 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 home being “underwater” for a court to rule in your favor. If your earnings is adequate for making your mortgage payments and you have no genuine noteworthy financial obligation, then you most likely will not get authorized for a Chapter 13 bankruptcy. Of course, your situations might be various or there might be other conditions that utilize. However merely being “undersea” by your mortgage loan and behind on your payments is generally inadequate to qualify.
If your monetary situation is briefly in disorder because of unexpected expenses, medical emergencies, major cars and truck repair work, and so on, informing your loan company is crucial. It is really possible that the loan supplier may use a short-term deferment of your payments or supply you with re-payment terms which permit you to briefly reduce your payments owed in return for an extension of your home loan. Calling a skilled, educated lawyer– a genuine expert in Palm Springs Bankruptcy– can offer you the tips and representation you need when facing such a situation.
Stop Foreclosure with a Bankruptcy Lawyer in Palm Springs CA
When you send either a Chapter 13 or Chapter 7 bankruptcy, the court immediately issues an order (called the order for relief) that includes an “automatic stay.” The automatic stay directs your lenders to stop their collection activities instantly. No reasons. If your home is scheduled a foreclosure sale, the sale will be lawfully postponed while the bankruptcy is pending– typically for three to 4 months. Especially when you live in Palm Springs California or in a nearby city
Nonetheless, there are 2 exceptions to this general guideline:
Motion to raise the stay: If the loan company obtains the bankruptcy court’s approval to proceed with the sale (by submitting a “motion to raise the stay”), you may not get the full 3 to four months. However even then, the bankruptcy will normally hold back the sale by a minimum of two months, and even more if the loan provider is sluggish in pursuing the motion to raise the automated stay.
Foreclosure notice already submitted: Sadly, bankruptcy’s automatic stay will not stop the clock on the advance notification that a great deal of states need prior to a foreclosure sale can be held (or a motion to raise the stay can be submitted). For instance, prior to offering a home in California, a loan provider needs to offer the owner a minimum of 3 months’ alert. If you get a three-month notice of default, then declare bankruptcy after 2 months have really passed, the three-month duration will expire after you have actually remained in bankruptcy for only one month. At that time the loan service provider might file a motion to lift the stay and ask the court for consent to set up to stop the foreclosure sale. This does not suggest the loan provider’s movement would be given, however it is best to have a competent lawyer in your corner in an effort to prevent that from occurring.
Lots of people will do whatever they can to stay in their home for the indefinite future. If that explains you, and you’re behind on your home mortgage payments without any practical technique to get current, the only technique to keep your house might be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you settle the “arrange” (late past due payments) over the length of a payment plan you propose– five years in some cases. Nevertheless you’ll require adequate earnings to at least meet your existing home mortgage payment at the same time you’re settling the balance due. Presuming you make all the required payments as much as the end of the payment strategy, you’ll avoid foreclosure and keep your house.
2nd and 3rd home mortgage payments:
Chapter 13 may likewise assist you get rid of the payments on your 2nd or 3rd home mortgage. That’s because, if your very first home mortgage is secured by the whole worth of your home (which is possible if the home has actually dropped in worth), you may no longer have any equity with which to secure the later mortgages. That permits the Chapter 13 court to “get rid of off” the 2nd and 3rd home mortgages and re-categorize them as unsecured debt– which, under Chapter 13, takes last issue and often does not have to be paid back 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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