Home foreclosure prevention can seem like an impossible hurdle, after you have faced a lost job, a market rate adjustment or another financial hardship but it can be accomplished with competent counsel at your side. After you have put so much time, energy and money into your home, losing it can be a devastating prospect.
At the San Francisco Bay Area Law Office of Jeff D. Hoffman, we take pride in our foreclosure prevention services that help people keep their homes.
You can rely on our knowledge and experience. We will present all the available options for foreclosure prevention and will assist you in making the best decision for yourself and your family.
If you have questions about foreclosure prevention, please do not hesitate to contact us to schedule a free consultation at our Oakland office today.
While it is always best to try to work with your lender to refinance or renegotiate the terms of your loan, sometimes this is not an option. You might need to hire an Bay Area foreclosure prevention attorney.
You Can Strip Away Junior Liens
When you file for bankruptcy, any action being taken to foreclose on your home will automatically be stopped.
One step we take is to see if you have a second or third mortgage on your primary home that can be stripped. Lien stripping of a junior mortgage is allowed when the house is worth less than the amount owed (principal balance) for the senior mortgage.
Your “Cram Down” Loan Options
Next, under the bankruptcy code, if your first mortgage for any property other than your primary residence is underwater and is now more than the home is worth, Jeff can help you cram down the first mortgage. By cramming down, the loan will shrink to the actual value of the home now, and your payments will be lower. You can be able to fulfill your new payment obligations under the five-year repayment plan specified under Chapter 13 terms.
You Can Catch Up on Back Payments
If you can make your monthly payments as they are now, but have arrearages 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. Oakland based attorney Jeff Hoffman will explain the options and create a plan for you to keep your home or other property.
As a Bay Area debt relief agency operating within the bankruptcy code, we are here to help you. Contact us today to schedule a free consultation.
Contact us online or by phone at 510-451-0290 to schedule an appointment at our Oakland office.