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Prevent Foreclosure by Filing for Bankruptcy

If you are struggling to pay your mortgage, your lender may decide to foreclose on the property. However, by talking with a Hesperia bankruptcy attorney, it may be possible to learn how bankruptcy may prevent a lender from doing so.

Debtors Generally Receive Stays From Creditor Actions
When you file for Chapter 7 or 13 bankruptcy, you are generally granted a stay from creditor collection actions. This means that creditors can no longer contact you about the debt or take actions such as foreclosure to collect on it. The stay generally remains in effect for the length of the case. In a Chapter 13 proceeding, this could postpone a foreclosure for up to five years.

The Turoci Bankruptcy Firm Can Help Negotiate With Mortgage Lenders
While foreclosure may be delayed by bankruptcy, a creditor may resume foreclosure proceedings once the case is over. Working with a foreclosure Attorney in Hesperia CA may make it easier to negotiate new loan terms in the meantime. This may help an individual keep his or her home by getting current on the loan.

Make Sure to Call an Attorney Right Away
An attorney will be able to help you understand what a foreclosure notice is and what your options are to prevent losing your home. An attorney can work with debtors to explain the type of bankruptcy that may best meet their needs. Typically, those who are looking to keep their homes benefit most from Chapter 13 bankruptcy as it allows a person to reorganize secured debts such as a mortgage.

Foreclosure can have a significant impact on a person’s life. In addition to losing your home, foreclosure could reduce an individual’s credit score by 100 points or more. While bankruptcy may also have a significant impact on a homeowner’s credit, it may make it possible to work toward a stronger long-term financial position.