Facing the fear of losing your home to foreclosure because of a lost job, market rate adjustment or another financial impediment can be a devastating prospect.
Foreclosure prevention can seem like an impossible hurdle, but it can be accomplished with competent counsel by your side to help you along the way.
At the Law Office of Jeff D. Hoffman, we take pride in our foreclosure prevention services and helping people stay in their homes.
- We have the knowledge and experience to present all the available options for foreclosure prevention and assist you in navigating them successfully. If you have questions about foreclosure prevention.
Contact us to schedule a free consultation at our Oakland office today.
In some situations, you may be able to refinance or renegotiate the terms of your loan with your lender.
Sometimes, however, this is not an option.
If you find yourself in this position, you can explore other options for debt reduction, including those existing under Chapter 13 bankruptcy, with the help of Jeff D. Hoffman.
Strip junior liens:
When you file for bankruptcy, any action being taken to foreclose on your home will automatically be stopped.
- One of the next steps is to see if you have a second or third mortgage on your primary home that can be stripped.
- Lien stripping is allowed when the house is not worth more than the amount due on the first (original) loan.
Cram down loan options:
Under the bankruptcy code, if your first mortgage for any property other than your primary residence is underwater and you now owe more for it than the property is worth, you can cram down the first mortgage.
By cramming down, the loan will shrink to the actual value of the home, and you will be able to fulfill your new obligation under the five-year repayment plan specified under Chapter 13 terms.
However, in order to cram down a mortgage, you must be able to pay off the entire mortgage in no more than five years in your chapter 13 plan.
Catch up on back payments:
If you can make your monthly payments but have an arrearage or back payments due, under Chapter 13 bankruptcy, you will have five years to make up these arrears.
Foreclosure prevention can take many forms, and usually these options can be combined.
Jeff is here to explain the options and create a plan for you to keep your home or other property.
As a debt relief agency operating within the bankruptcy code, we are here to help.
Contact us today to schedule a free consultation to see how we can help you.
Contact us online or by phone at 510-451-0290 to schedule an appointment.