Orange County, CA, Mortgage Foreclosure Defense Attorney
If you or a loved one is going through a tight financial situation and is now facing foreclosure, we may be able to help. The Orange County, California, bankruptcy lawyers from The Bankruptcy Group can help you get back on your feet.
To learn more about all of our services and how we can help you avoid foreclosure, call our law offices today at 888-710-4334.
Ways To Defend Your Home Against Foreclosure
People facing financial hardships may ask themselves if there is a way to protect their homes from being foreclosed on. Many people seem inclined to think that dealing with financial difficulties means that they will not be able to keep their home and could lose everything to their lenders. Fortunately, as a debtor, you can take specific steps to protect your house and avoid foreclosure in Orange County. Some of the ways you can stop the foreclosure process in California include the following:
Loan Modification
A loan modification is a mortgage restructuring that allows a debtor to re-negotiate the terms of their current mortgage with their lender. This can give debtors a better way to work through their current financial situation while still paying their lenders. In other words, a loan modification can help debtors work out a more affordable monthly payment. However, this requires immediate action from the debtor to have any chance of preventing foreclosure. The loan modification lawyers at The Bankruptcy Group can sit down with you and explain how a loan modification might be beneficial to your situation, then guide you through the process.
Forbearance
If you are facing a potential foreclosure, you may want to contact your lender and request a forbearance. A forbearance is a special agreement where the lender may grant you a grace period, delaying the foreclosure. This extra time may be used to find a way to pay of your debt, or at least to pay off any outstanding debt plus interest. Some lenders may be open to the suggestion of forbearing your debt. However, other lenders may not be as lenient. Retaining the services of a skilled attorney with experience in forbearance requests can help you negotiate the forbearance with your lender so you have a better chance of fighting against foreclosure in Orange County.
Filing for Bankruptcy
Bankruptcy is one of the most common methods used by debtors to manage excess debt. There are two main types of consumer bankruptcies; these are known as Chapter 7 (“straight bankruptcy”) and Chapter 13 (“repayment plan” bankruptcy). Through one of these methods, a person can not only manage insurmountable debt, but they can also protect their home against foreclosure. At The Bankruptcy Group, our bankruptcy attorneys are ready to help you understand how the bankruptcy process works in California and how it can help save your home from foreclosure.
How Bankruptcy Can Prevent Foreclosure In Orange County
Many people tend to think bankruptcy is a bad thing. The mere mention of the word “bankruptcy” is enough to cause stress and fear in the minds of many debtors. However, you should understand that bankruptcy law was created not to punish a debtor, but to help them pay off their debt and protect major assets, such as their home. However, to receive the protections and the benefits bankruptcy offers, you need to qualify.
For instance, qualifying for Chapter 7 bankruptcy requires a debtor to go through something called the “means test.” This test will look at your income and compare it with your state’s median income. If your income is greater than your state’s median, you will not qualify for Chapter 7 and may be recommended for Chapter 13 instead. However, if your income is below the median, you can continue with the Chapter 7 process.
You may wonder why you would go through bankruptcy when facing foreclosure. When you file for bankruptcy, you obtain the protection of what is known as the “automatic stay.” This legal recourse helps debtors by shielding them against collection actions while any bankruptcy proceedings are underway. This means the automatic stay can cover your house and will prevent lenders from collecting on any debt. Our California bankruptcy attorneys can help you file for bankruptcy and guide you through the entire process.
California Mortgage Foreclosure Lawyers Offering Free Consultations
Few things compare to the stress and anxiety that an impending foreclosure can cause. That is why we dedicate ourselves to providing nothing but high-quality legal services to debtors in California. Thanks to our experience, knowledge and dedication, we are able to provide our clients with the legal counsel and guidance to help them understand all their options when fighting foreclosure. Don’t let a bad financial situation take over your life; allow our expertise to work for you in your time of need. To speak with a professional about your case in a free, confidential consultation, call The Bankruptcy Group today at 888-710-4334.