Homeowners can find themselves behind in their mortgage payments for any number of valid and very understandable reasons, ranging from a job loss to unexpected medical bills. The important thing to realize is that there is hope for homeowners — effective ways to stop foreclosure and retain your home.
As a bit of background information, you should know that your lender can issue a Notice of Default if you’ve missed more than three payments. Under California state law, once a lender issues a Notice of Default, you have the right to cure in a lump sum. Although that means you can reinstate the loan by paying what you owe in arrears in a single lump sum, the reality is that many if not most people can’t afford to do that.
At this point, though, the clock is ticking. After 90 days the lender can issue what’s called a Notice of Trustee’s Fail, which assigns a specific date that the property will be sold on.
One way to prevent the sale is to file for Chapter 13 bankruptcy. If you file the bankruptcy no later than the day before the foreclosure’s sale, Chapter 13 will stop the foreclosure’s sale.
However, there’s more to filing Chapter 13 than this brief overview covers. Which is why, if you need assistance preventing a foreclosure, we urge you to call the Law Offices of Brad Weil.
We’ll review all of your options clearly and carefully, so you understand your rights and your options. In fact, a variety of strategies — including a short sale and loan modification as well as bankruptcy — can all be considered foreclosure prevention assistance.
If you are in foreclosure and need assistance to prevent further action, call the Law Offices of Brad Weil to explore your options. (310) 882-7963. We assure you — there is hope for homeowners.