The Value of Chapter 13 Bankruptcy and How It Can Stop Foreclosure
Los Angeles, CA -- (SBWire) -- 08/25/2016 --When a home owner falls behind on their mortgage payments, lenders often call to talk about alternatives that are available to avoid foreclosure, such as loan modifications or short sales. However, lenders usually don't discuss legal options that stop foreclosure and give the homeowner time to pay back any missed mortgage payments.
When a lender starts the foreclosure process, homeowners need to know that a court order will immediately stop a sale. A homeowner can file bankruptcy to stop foreclosure right up to the time of the auction. Once a bankruptcy is filed; it stops the foreclosure and any foreclosure proceedings. Filing chapter 13 makes it possible for the homeowner to start paying the mortgage and repay any missed payments.
How Chapter 13 Bankruptcy Stop Foreclosure
- Filing chapter 13 bankruptcy immediately stops foreclosure at the moment it is filed with the court
- Chapter 13 stops creditor harassment and usually eliminates credit card and medical debts
- Chapter 13 bankruptcy can eliminate any second or third mortgages
- Chapter 13 allows a homeowner to repay missed mortgage and car payments in a 3-5 year repayment plan
- Chapter 13 forces the lender to accept monthly mortgage payments, even when the lender refuses to accept any mortgage payments after a homeowner defaults.
For any homeowner facing foreclosure, an experienced bankruptcy attorney can advise whether it makes sense to file chapter 13 bankruptcy. Bankruptcy Attorney, Lauren Rode disclosed, "The homeowner has to be able to afford their mortgage payments, in addition to setting up a repayment plan for the missed payments."
A bankruptcy attorney will propose a repayment time, and make sure that the payments are affordable during the repayment plan; so as to avoid any future foreclosure.
There are many benefits to filing bankruptcy, but the process is complicated and it is a good idea to find a Los Angeles bankruptcy attorney with a solid track record of confirmed cases in California. A strong bankruptcy lawyer needs to understand the interplay between bankruptcy and foreclosure; and know when it is best to file a lawsuit instead of bankruptcy.
Homeowners who are facing foreclosure can seek for immediate bankruptcy service from a Los Angeles bankruptcy attorney to stop the foreclosure.
For additional information about Chapter 13 Bankruptcy and how to stop foreclosure, visit http://consumeractionlawgroup.com/bankruptcy-attorney-los-angeles/ or call 818-254-8413 to speak to a Los Angeles Bankruptcy attorney.
About Consumer Action Law Group
Consumer Action Law Group is a law firm dedicated to help consumers in consumer-related matters or consumers that experienced fraud and scam. Attorneys in the team are knowledgeable and experienced in the areas of eliminating debt, mortgages fraud, auto fraud, and foreclosures. They have direct experience in consumer fraud matters and helping consumers who are facing financial crisis, foreclosure, issues with employers, and problems with auto dealers.
For Media Inquiries
Contact Person: Lauren Rode, Esq.
Telephone: (818) 254-8413
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View this press release online at: http://rwire.com/717689