Trusted Los Angeles Foreclosure Attorney
Are you struggling to meet your current housing costs? Have you been blocked from modifying a crippling home loan? Or has your home lost so much value that you are unable to sell? If so, there are powerful legal tools available to help you, but many homeowners are not aware of them. Mortgage holders and banks count on you not knowing your rights.
At Oaktree Law, our Los Angeles foreclosure lawyers can help you defend yourself and your home against foreclosure with many options available. Our experience can help guard your family’s financial freedom and advise you as to which is the best path to take. Our firm is listed on hg.org, so you can rely on us to offer you impartial advice with your best interests in mind.
Foreclosure Alternatives: Help For Underwater Mortgages
There are alternatives to foreclosure that are designed to help homeowners escape crushing debt and stop foreclosure before a lawsuit begins. Our Orange County foreclosure attorneys are prepared to help with all of the potential options California law provides, including trial, if necessary. We can help you determine which option, foreclosure defense vs. bankruptcy, will be right for you.
If you’re not familiar with foreclosure defense law, we can guide you through the options that affect your property. These options include:
Loan Modification A loan modification is a process in which the bank allows a change in the terms of your existing mortgage to significantly lower your monthly payments, either temporarily or permanently.
Chapter 7 Bankruptcy Although Chapter 7 bankruptcy cannot permanently stop a foreclosure, buying you additional time to make a decision regarding the property, particularly when combined with a loan modification.
Short Sale Negotiation A short sale occurs when the property is sold for less than the loan amount with the cooperation of the lender. It permits more owner control over the process and according to Fannie Mae, less credit consequences than a foreclosure.
Mortgage Litigation Mortgage litigation can defend against foreclosure. Despite reports, it’s unlikely any homeowner can claim their home for free. However, receiving a loan modification, more time in the home or even some compensation is possible in certain cases.
If other options are not right for you, a consent foreclosure or deed in lieu of foreclosure may be one way that you can be released from the mortgage without additional payments. This occurs when the lender agrees to take title to the property in exchange for your agreement to the foreclosure. When this happens, you will no longer be responsible for payment the deficiency on your loan.
Save your home from foreclosure
If your mortgage is under water, don’t wait for lenders to make the first move. In order to say in your home and in control of negotiations, it is important to act before formal foreclosure proceedings begin. For some loans, a Notice of Default can be issued and foreclosure filings begun after only a few missed payments.
If you are at risk of defaulting on your mortgage, our Los Angeles foreclosure lawyers can help you manage the terms of your debt relief before the bank files a foreclosure action.
Call today to schedule a no-cost consultation (562) 219-2979 or contact us for more information.