If youre supposed to make a mortgage payment but you fail to achieve this, your lender will wait for at least 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 doesnt satisfy your mortgage lender, theyll 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 attorneyespecially 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, theyll be able to stop any wrongful foreclosure.
Apply for a loan modification
If youre 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 quits because the federal law prohibits your mortgage lender from continuing with debt collection activities.
Filing a Chapter bankruptcy
Filing a Chapter bankruptcy may help you stop foreclosure and keep your home through restructuring your debts. Youll 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, youll 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 theyre 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 youll have significantly more time to live in the home wthishout making any payments. Because youre not really making payments, its advantageous as you can save that money for a rental. A part from the fact that youll have enough period in order to try and agree with your lender, the Chapter 7 bankruptcy also get rid of your personal liability for the mortgage debt. So, following the foreclosure youll not be liable to any kind of deficiency that might remain following 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 will be the best. Apart from stopping foreclosure sale, they are able to also dispute notice of foreclosure.