If you’re supposed to make a mortgage payment but you fail to do so, your lender will wait for at least 30 days and after which, they might send you a notice of default, which tells you to pay up or else, further measures will be taken.
In case you fail to respond or your response doesn’t satisfy your mortgage lender, they’ll send you a foreclosure notice. The notice informs you that the lender has initiated foreclosure proceedings and has actually scheduled the sale of your property at auction.
When you receive a foreclosure notice, you should not panic or think that there is nothing you can do about it. The best thing to do is to hire foreclosure attorney especially from the Consumer Action Law Group. With an attorney from this reputable law firm, you can be sure that he will stop foreclosure sale and dispute notice of foreclosure within the shortest time possible
Here are some of the methods that foreclosure lawyers from Consumer Action Law Group will use to stop foreclosure.
File a lawsuit
A foreclosure lawyer will first evaluate your case to find out whether your mortgage lender violates illegal acts and violations of the Bill of Rights. In that way, they’ll be able to stop any wrongful foreclosure.
Apply for a loan modification
If you’re wondering how to stop foreclosure sale, just contact Consumer Action Law Group to hire an experienced and knowledgeable foreclosure attorney who will help apply for a loan modification on your behalf. Apart from delaying a foreclosure process, the process may be stopped permanently upon the approval of your modification application provided you can keep up with the modified payments.
Bankruptcy will stop foreclosure almost instantly. After filing a bankruptcy petition, foreclosure process stops because the federal law prohibits your mortgage lender from continuing with debt collection activities.
Filing a Chapter 13 bankruptcy
Filing a Chapter 13 bankruptcy may help you stop foreclosure and keep your home through restructuring your debts. You’ll have three to five years as your repayment plan to repay your debts. With this type of bankruptcy, you may be able to stop foreclosure and remain in your home because through the plan, you can pay off any delinquent mortgage payments.
Furthermore, you’ll probably pay a part or even none of your unsecured debts within the plan period and likely eliminate some other debts – including underwater 2nd and 3rd mortgages because they’re considered as unsecured loans – when you complete your plan, which frees up money for your first mortgage.
• Filing a Chapter 7 bankruptcy
Filing Chapter 7 bankruptcy will not help you save your home but instead, it will delay the foreclosure proceedings, which means that you’ll have more time to live in the home without making any payments. Because you’re not making payments, it’s advantageous because you can save that money for a rental. A part from the fact that you’ll have enough time to try and agree with your lender, the Chapter 7 bankruptcy also do away with your personal liability for the mortgage debt. So, after the foreclosure you’ll not be liable to any deficiency that might remain after the foreclosure.
To take full advantage of filing a bankruptcy petition, we strongly recommend that you contact the reputable Consumer Action Law Group because the services of their foreclosure lawyers are the best. Apart from stopping foreclosure sale, they can also dispute notice of foreclosure.