Foreclosure Options in Chapter 13 Bankruptcy
Filing for Chapter 13 bankruptcy does not mean you will lose your home. One reason many homeowners select Chapter 13 is so that they can save their homes. Call the lawyers at Coggins & Johnston law firm in Roseville, California, and talk to a experienced bankruptcy lawyer.
Call (916) 797-1397 for a free consultation with a foreclosure attorney.
Even if your home mortgage is in the foreclosure process, filing for Chapter 13 bankruptcy can stop the process and give you time to decide whether you are able to keep your home.
If you want to save your home, talk to an attorney about your options.
As soon as you file for Chapter 13 bankruptcy, you will have automatic stay protection. This means that no matter where you are in the foreclosure process, all actions will stop while you and your lawyer sort out the details of your bankruptcy. Even if your home is about to be sold, the sale will be stopped.
You may be able to negotiate more favorable terms with the lender.
Banks and mortgage companies would rather not own your property — especially in today's depressed real estate market. Our law firm can help you negotiate terms that would make it possible to keep your home. You may be able to arrange a payment plan for your mortgage arrears and make it part of your debt reorganization plan. You could also negotiate with the bank for more favorable terms on your mortgage. Make sure your lawyer reviews any documents before you sign them.
In a Chapter 13 bankruptcy, you may also have the option of lien stripping. If your first mortgage is the same or more than your home's value, the second mortgage is unsecured debt and can be stripped from the mortgage. This can happen in a market where home values are declining.
Our attorneys listen, advise and help you decide what works for you.
The first consultation is free at Coggins & Johnston law firm. It will give you a chance to get answers to your questions and make an informed, educated decision about your home and your future. No matter what your decision, we can help you end the financial struggle and get a fresh start.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
The Coggins & Johnston law firm in Roseville, California, represents bankruptcy and foreclosure clients in Sacramento, Roseville, Rocklin, Granite Bay, Lincoln, Citrus Heights, Davis, Rancho Cordova, Folsom, Woodland, Carmichael, North Highlands, Yuba City, Fair Oaks, Orangevale, El Dorado Hills, Auburn, Placerville, Gold River, Loomis, CA, and other communities in Placer County, Sacramento County, Yolo County, El Dorado County, Yuba County, Central California and Northern California.
