Do You Need to Stop Foreclosure in Riverside CA?
If you are facing a foreclosure on your home in Riverside, 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 monetary commitment and financial ruin that is simply gotten worse by your home loan payments, then you need 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 Riverside 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
Riverside 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 Riverside 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 integrated with economic troubles and many homeowner being “upside down” or “undersea” in their homes has actually triggered a property crisis in the United States.
Americans are turning to filing Chapter 13 bankruptcy in order to stop an upcoming foreclosure sale. The initial function of Chapter 13 bankruptcy was to allow an individual who was facing monetary destroy to place all their financial responsibility into one big amount which would then be rearranged and paid off one month at a time over a 3 to 5 year period.
In general, a Chapter 13 bankruptcy requires more than simply a home being “underwater” for a court to rule in your favor. If your earnings is adequate for making your home mortgage payments and you have no real noteworthy financial obligation, then you most likely will not get authorized for a Chapter 13 bankruptcy. Naturally, your scenarios might be various or there might be other conditions that use. But merely being “underwater” by your mortgage and behind on your payments is normally not enough to qualify.
If your financial situation is for a little while in disorder because of unexpected costs, medical emergencies, significant vehicle repair work, and so on, alerting your loan provider is crucial. It is very possible that the loan provider may utilize a short-term deferment of your payments or supply you with re-payment terms which enable you to briefly lessen your payments owed in return for an extension of your mortgage. Calling a proficient, educated lawyer– a real professional in Riverside Bankruptcy– can offer you the tips and representation you need when facing such a circumstance.
Stop Foreclosure with a Bankruptcy Lawyer in Riverside 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 automated stay directs your financial institutions to stop their collection activities immediately. No excuses. If your home is scheduled a foreclosure sale, the sale will be legally delayed while the bankruptcy is pending– usually for 3 to four months. Especially when you live in Riverside California or in a nearby city
Nonetheless, there are 2 exceptions to this basic guideline:
Motion to raise the stay: If the loan service provider acquires the bankruptcy court’s approval to proceed with the sale (by filing a “motion to raise the stay”), you may not get the complete 3 to four months. However even then, the bankruptcy will normally hold back the sale by a minimum of two months, as well as more if the lending institution is slow in pursuing the movement to raise the automated stay.
Foreclosure alert currently submitted: Sadly, bankruptcy’s automatic stay won’t stop the clock on the advance alert that a lot of states require prior to a foreclosure sale can be held (or a motion to lift the stay can be sent). For instance, prior to offering a home in California, a loan service provider has to offer the owner a minimum of 3 months’ alert. If you get a three-month notification of default, then apply for bankruptcy after two months have in fact 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 movement to lift the stay and ask the court for consent to arrange to stop the foreclosure sale. This does not suggest the loan company’s movement would be given, however it is best to have a skilled legal representative in your corner in an effort to prevent that from happening.
Many individuals will do whatever they can to remain in their home for the indefinite future. If that explains you, and you’re behind on your home mortgage payments without any practical approach to obtain present, the only method to keep your house might be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you pay off the “arrange” (late past due payments) over the length of a payment plan you propose– 5 years in some cases. However you’ll require enough income to at least fulfill your existing home mortgage payment at the same time you’re settling the balance due. Assuming you make all the required payments approximately completion of the payment strategy, you’ll prevent foreclosure and keep your house.
2nd and 3rd home mortgage payments:
Chapter 13 may also help you remove the payments on your second or 3rd home mortgage. That’s because, if your first home mortgage is protected by the whole worth of your home (which is possible if the home has actually dropped in worth), you might no longer have any equity with which to protect the later mortgages. That permits the Chapter 13 court to “get rid of off” the 2nd and 3rd home loans and re-categorize them as unsecured debt– which, under Chapter 13, takes last concern and frequently 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.
Map of Riverside CA