Do You Need to Stop Foreclosure in San Jose CA?
If you are facing a foreclosure on your home in San Jose, 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 dealing with enormous financial obligation and monetary 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 San Jose 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
San Jose 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 San Jose 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 property owners were dealing with foreclosure. That number has actually tripled in size. This real estate collapse incorporated with financial difficulties and many property owners being “upside down” or “undersea” in their homes has actually triggered a real estate 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 an individual who was facing monetary destroy to position all their monetary commitment into one big quantity which would then be reorganized and paid off one month at a time over a 3 to 5 year period.
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 real noteworthy monetary responsibility, then you more than likely will not get authorized for a Chapter 13 bankruptcy. Obviously, your circumstances might be different or there might be other conditions that use. However simply being “underwater” by your mortgage and behind on your payments is usually inadequate to certify.
If your financial circumstance is for a little while in disorder because of unanticipated costs, medical emergency situations, major car repairs, etc., informing your loan service provider is vital. It is very possible that the loan service provider may use a short-term deferment of your payments or supply you with re-payment terms which allow you to briefly reduce your payments owed in return for an extension of your home mortgage. Getting in touch with a proficient, educated attorney– a real expert in San Jose Bankruptcy– can offer you the recommendations and representation you require when dealing with such a situation.
Stop Foreclosure with a Bankruptcy Lawyer in San Jose CA
When you send either a Chapter 13 or Chapter 7 bankruptcy, the court instantly releases an order (called the order for relief) that includes an “automatic stay.” The automatic stay directs your lenders to stop their collection activities immediately. No excuses. If your home is arranged for a foreclosure sale, the sale will be legally postponed while the bankruptcy is pending– usually for 3 to 4 months. Especially when you live in San Jose California or in a nearby city
Nevertheless, 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 filing a “motion to raise the stay”), you might not get the full 3 to 4 months. But even then, the bankruptcy will typically hold back the sale by a minimum of 2 months, and even more if the loan provider is slow in pursuing the motion to raise the automated stay.
Foreclosure notification currently submitted: Sadly, bankruptcy’s automated stay won’t stop the clock on the advance notification that a lot of states require prior to a foreclosure sale can be held (or a movement to lift the stay can be sent). For example, prior to offering a home in California, a loan company needs to give the owner a minimum of 3 months’ notification. If you get a three-month notification of default, and then declare bankruptcy after 2 months have really passed, the three-month duration will expire after you have remained in bankruptcy for only one month. At that time the loan company might file a motion to raise the stay and ask the court for approval to arrange to stop the foreclosure sale. This does not suggest the loan service provider’s movement would be given, but it is best to have a knowledgeable attorney in your corner in an effort to prevent that from happening.
Many individuals will do whatever they can to stay in their house for the indefinite future. If that discusses you, and you’re behind on your home mortgage payments without any possible approach to acquire existing, the only technique to keep your home might be to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy lets you pay off the “balance due” (late overdue payments) over the length of a payment plan you propose– 5 years sometimes. However you’ll require enough earnings to a minimum of fulfill your present home mortgage payment at the same time you’re settling the balance due. Assuming you make all the needed payments up to completion of the payment strategy, you’ll prevent foreclosure and keep your house.
2nd and 3rd home mortgage payments:
Chapter 13 might also assist you eliminate the payments on your second 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 value), you might no longer have any equity with which to protect the later home mortgages. That allows the Chapter 13 court to “remove off” the 2nd and 3rd mortgages and re-categorize them as unsecured financial obligation– which, under Chapter 13, takes last issue 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.
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