Homeowners across California are still struggling to make mortgage payments and fear that the bank will decide to foreclose. If you’ve had a hard time making mortgage payments and you find yourself facing the threat of foreclosure, you have options to save your home. At McFarlin LLP, we understand that unexpected financial crises can impact your ability to make mortgage payments. Our Irvine bankruptcy attorneys explain what you can do to stop foreclosure and keep your home.
Our legal team has helped many homeowners stay in their homes with affordable payments. Call our Irvine foreclosure defense attorneys at (949) 570-5025 for a free evaluation.
Saving Your Home From Foreclosure
Foreclosure is a scary reality that many California homeowners face. If you are determined to save your home from foreclosure, there are various avenues available to help you. Our team has put together a list of options to help you save your home.
- Reinstallment: The easiest way to prevent foreclosure is to pay the lender everything you owe. This includes missed payments, late fees associated with these payments, and other fees that the lender charged due to your delinquency. You have the legal right to reinstate your loan up until five business days before the trustee’s sale in California. However, this option isn’t available to many homeowners, especially those dealing with overwhelming debt.
- Repayment Plan: Another option is to create a repayment plan with the lender to help you make up missed payments. However, these repayment plans often require higher monthly payments than the normal mortgage payments and in a shorter amount of time. You shouldn’t make an agreement with the lender if you don’t think the repayment plan will be manageable.
- Forbearance Agreement: With a forbearance agreement, your lender can give you a period of time (3 to 6 months generally) to make either lower payments or no payments at all. Unless the lender agrees to extend your loan term, later payments generally will have to be higher than the original monthly mortgage payments until the loan is up-to-date again.
- Bankruptcy: Another option to saving your home from foreclosure is by filing for Chapter 13 bankruptcy. Under Chapter 13 bankruptcy law, debtors propose a repayment plan in which they will make installment payments to creditors within three to five years. After applying for bankruptcy, there will be an automatic hold placed on your foreclosure. By filing under Chapter 13, individuals can stop foreclosure proceedings and have the opportunity to pay mortgage payments over the time established to complete the plan.
- Wrongful Foreclosure Litigation: Unfortunately, there are cases when lenders knowingly deceive and take advantage of homeowners. If you have fallen behind on your mortgage payments, your lender may be working against you to speed up the process for their own gain. If this is the case, you can file a legal claim against the lender.
Speak to an Irvine Foreclosure Defense Lawyer
You don’t have to try and stop your foreclosure process alone. Our team at McFarlin LLP has helped many homeowners across California keep their homes after facing foreclosure threats. With proper legal counsel, many homeowners are able to avoid losing their homes or work out a favorable arrangement with their lender. Our Irvine foreclosure defense attorneys can analyze your case and help you determine which option is best to help you keep your home.
Contact our Irvine foreclosure defense attorneys today at (949) 570-5025 to schedule a case review!