Stop foreclosure in California
For most of us, homeownership is part of the American Dream, and we work hard and sacrifice much to achieve it. Unfortunately, despite our best efforts, thousands of Los Angeles families are on the verge of losing their homes to foreclosure.
The Chapter 13 bankruptcy process allows you to stop foreclosure by reducing and restructuring your non-mortgage debts. Call or text DebtStoppers at 323-916-8660 to request a free debt relief evaluation with one of our qualified California lawyers. We’ll explain how the bankruptcy process can keep your family in your home. DebtStoppers has helped thousands of families, and we can help you too.
How the California Foreclosure Process Works
If you took out a mortgage to purchase your home, you most likely signed a deed of trust “securing” the loan with the property itself. This means that if you fall behind on your payments, your lender can retake ownership of the house using the foreclosure process.
California laws allow “non-judicial” foreclosure, allowing the lender to foreclose on your home without taking you to court. The non-judicial process lets the bank sell your house at auction through the “power of sale” provision in the deed of trust.
If the sale price doesn’t cover the outstanding balance, the lender can pursue a “deficiency judgment” against you to hold you responsible for the amount that’s left. While some state laws create a “redemption period” after the auction to allow you to buy back your home, California does not provide this option.
Stopping Foreclosure in California
DebtStoppers can help your family save your home using the Chapter 13 bankruptcy process. The moment your petition is filed, the court will issue an automatic stay that orders your creditors to stop any and all collection activities. Once the stay is in place, your lenders won’t be allowed to initiate new foreclosure proceedings against you. And, if they have already started the process, they cannot go any further.
In addition to the temporary protection offered by the automatic stay, Chapter 13 will reduce and reorganize your debts into a 3-to-5-year plan to reimburse about 10% of what you owe. Even though you still have to pay your mortgage, the total debt reduction you receive will make your loan payments affordable. That way, you won’t fall behind and risk foreclosure again.
DebtStoppers Can Help You Stay in Your Home
You’ve worked and sacrificed for years to own your piece of the American dream. Don’t just sit back and let the bank take it away from you. At DebtStoppers, our experienced California attorneys have dedicated their careers to helping families keep the homes they’ve worked so hard to buy. Call or text us today at 323-916-8660 to learn more about the California bankruptcy process and your options for eliminating your debts.
Don’t let a lender destroy the American dream your family has earned. The Chapter 13 bankruptcy process enables you to reduce your debts and stay in your home! There isn’t a minute to waste, so call or text DebtStoppers in Los Angeles today at 323-916-8660 to request your free debt settlement consultation with a knowledgeable California lawyer.