Torrance Foreclosure Protection Lawyer
Your home holds immense value, representing not only your most significant investment but also a place brimming with cherished memories and a sense of security. However, falling behind on mortgage payments can jeopardize this sanctuary, as lenders possess the legal right to initiate foreclosure proceedings. At Wadhwani & Shanfeld, our dedicated team of Board-Certified bankruptcy specialists understands the profound emotional and financial toll foreclosure can take.
We are committed to safeguarding your home, working tirelessly to prevent foreclosure from ever commencing or halting it in its tracks should it have already begun. Don’t hesitate to seize control of your situation by contacting our Torrance foreclosure protection lawyers for a complimentary consultation. Together, we can explore immediate steps to fortify your home’s future.
Using Chapter 13 Bankruptcy to Prevent Foreclosure
Facing foreclosure can be an overwhelming and distressing experience, but Chapter 13 bankruptcy offers a powerful tool to protect your home. This legal process can provide a much-needed lifeline when you find yourself struggling to keep up with mortgage payments.
If you receive a Notice of Default from your lender, you typically have a 90-day window to pay the amount in default. Failure to do so can result in the lender initiating foreclosure proceedings and potentially selling your home to recover the outstanding mortgage balance.
However, filing for Chapter 13 bankruptcy can halt this process in its tracks. Upon submitting your petition, the bankruptcy court immediately imposes an “automatic stay,” which prohibits all debt collection activities, including foreclosures. This automatic stay acts as a powerful safeguard, granting you immediate relief from financial emergencies and allowing you to retain possession of your property while you work towards a long-term solution.
Chapter 13 bankruptcy offers several avenues to protect your home from foreclosure:
- Past-due mortgage payments that led to the default can be consolidated into your Chapter 13 repayment plan, giving you up to five years to catch up on these arrears, depending on your disposable income.
- If you have a second mortgage on your home, a process called “lien stripping” can potentially eliminate this obligation, reducing the total amount you owe.
- Through the “Loan Modification Pilot Program” available in the Central District of California, you may be able to modify the terms of your first mortgage while under Chapter 13 protection.
Additionally, if a parent or other family member co-signed your mortgage, filing for Chapter 13 bankruptcy can safeguard their assets and your own.
Contact Wadhwani & Shanfeld Today
If you find yourself facing the looming threat of foreclosure, don’t panic. There are options available to protect your home, but time is of the essence. In California, the foreclosure process can unfold rapidly, making it crucial to act swiftly and seek professional assistance. Contact the Torrance foreclosure protection lawyers at Wadhwani & Shanfeld for a complimentary consultation.
Our experienced attorneys will address your concerns, explore viable solutions, and provide the immediate support you need to navigate this challenging situation. Don’t hesitate to reach out to us and take the first step towards safeguarding your home and regaining control over your financial future.
