Don’t lose your home to foreclosure. Our bankruptcy attorney can stop the foreclosure process by filing an emergency chapter 13 bankruptcy petition. Once the petition has been filed you can repay delinquent mortgage payments through a 3 to 5-year repayment plan. Once you have completed your chapter 13 repayment plan you will no longer be in default on your home loan and thereby no longer in danger of foreclosure. To learn more about saving your home from foreclosure call our bankruptcy attorney for a free consultation.
The Automatic Stay
The automatic stay is what stops the foreclosure process. 11 U.S.C. § 362(a) requires the foreclosure process to immediately cease once a bankruptcy petition has been filed. There is no waiting period between filing the petition and stopping the foreclosure process. The stay against foreclosure is automatic upon the filing of a bankruptcy petition.
Our bankruptcy attorney can file an emergency bankruptcy petition to stop your foreclosure.
Saving Your Home
Filing bankruptcy will stop the foreclosure process, but you’ll need to complete a chapter 13 repayment plan to save your home. In order to keep your home after bankruptcy, you must repay delinquent mortgage payments while you stay current on scheduled payments. Once you have repaid these late payments over 3 to 5 years you will no longer be in default on your home loan, and thereby no longer at risk of foreclosure.
Chapter 13 Bankruptcy
Filing chapter 13 bankruptcy is essential to saving your home from foreclosure. While chapter 7 bankruptcy will stop the foreclosure process, you cannot repay late mortgage payments in chapter 7 bankruptcy. In contrast, chapter 13 bankruptcy allows you to repay late mortgage payments over 3 to 5 years. Through this repayment plan you can force your lender to accept late payments over 3 to 5 years. After you have completed your chapter 13 plan your lender cannot initiate foreclosure proceedings.
If you are facing foreclosure call our Folsom foreclosure attorney today for a free consultation at (916) 596-1018.