Rancho Cucamonga Foreclosure Protection Lawyer
Losing a home is a nightmare scenario for most people. Unfortunately, the topsy-turvy economy and skyrocketing cost of living has put a financial pinch on many people’s pocketbooks. There might come a time when you can’t make your mortgage payment, and you start receiving foreclosure notices in the mail. What now?
Please call Wadhwani & Shanfeld today. A Rancho Cucamonga foreclosure protection lawyer with our firm can discuss your options. Our consultations are without obligation, so there is no risk to calling. We can review all your options, discuss which ones work for you, and then get started to protect your interests.
Can You Keep Your Home?
Most people who call us are clear they don’t want to lose their homes. Helpfully, you do have some legal options. California law provides some meager protections to homeowners. For example, the lender can’t immediately foreclose but must send you a notice and then wait 30 days before moving to the next step in the process.
Here are some strategies our lawyers have used over the years:
- You can’t eliminate the mortgage in bankruptcy, but you can stop a foreclosure action dead in its tracks. Once you file for bankruptcy, the automatic stay halts all litigation, including foreclosures. This temporary halt in proceedings might give you enough time to catch up on your mortgage. If you choose a Chapter 13, you can spread out unpaid mortgage debt over several months or years.
- A forbearance is a temporary grace period. A lender might be open to this option if you can convince them your financial difficulty is temporary. A lender might let you temporarily skip some payments and tack them on to the end of the loan. This is a good option if you are confident you can soon get back on track.
- Loan modification. A modification will alter your loan, with the goal of lowering your monthly payment so you can stay current. The lender might agree to change the term of the loan, e.g., stretching it out, or reduce the interest rate.
- If the interest rate is too high, you might refinance to a lower one. However, this isn’t a great option if your credit is already in the toilet, or you are facing prolonged unemployment.
These are the most common options for saving a home. If staying just isn’t feasible, then you might consider a short sale. You sell your home for less than the amount you owe, but it’s a way to get out of the mortgage and avoid permanently impairing your credit.
Call Our Firm Today
The sooner homeowners act, the more options they have. Contact Wadhwani & Shanfeld today. Our Rancho Cucamonga foreclosure protection lawyers have managed to keep many people in their homes. We can work on your behalf to negotiate with a lender, or we can fight a foreclosure in court. There is hope that you can save your home. Let us discuss the full array of options at your disposal before it’s too late.
