Foreclosure
What It Is, How to Stop It
Contact Us Today!
Foreclosure is the legal process by which a mortgage or other lien holder takes back the title to property when the loan secured by that property is in default (has not been paid according to the agreed upon terms). For instance, if you stop paying your mortgage, the bank may foreclose on – take ownership of – your home.
Foreclosure Today
In the current economy, particularly in hard-hit markets where unemployment is high, foreclosures are common, as many people can no longer afford to make their mortgage payments. What they don't realize is that they have options.
If you are facing foreclosure, you have options that may allow you to keep your home.
Stopping Foreclosure …
If you have fallen behind on your home payments and are facing foreclosure – or suspect you may be in the near future – there are steps you can take to stop it.
… by Renegotiating Your Loan
The first step to stopping foreclosure is to act now; the longer you wait, the more difficult your position will be. If you act fast, though, we may be able to negotiate a forbearance agreement or loan modification with your lender. This means the terms of your loan will be changed so that you can afford the payments.
… through Chapter 13 Bankruptcy
If we cannot renegotiate your loan, Chapter 13 bankruptcy remains a highly effective tool for stopping foreclosure on your home or other real estate. As soon as you file, foreclosure stops. Then you "catch-up" on mortgage payments in arrears over three to five years. Note: past due taxes may be handled this way as well.
Sometimes what may appear to be an extreme measure, such as bankruptcy, may be the best course of action. But don't wait – call right away. Time is your enemy once you fall behind in your payments.
Act now to regain control of your assets – contact Stephen Burton today for a free consultation!
(818) 501-5055
Burton Law Offices
15260 Ventura Boulevard #640, Sherman Oaks, CA 91403
P: (818) 501-5055 F: (818) 501-5849 E: info@topgunbankruptcylawyer.com