You can stop foreclosure immediately and automatically by filing for Chapter 13 bankruptcy protection. Filing of the case results in an “automatic stay” which means that anything done by a creditor the minute after your case is filed is void, not voidable. No “if” or “maybe” about it. In a classic Chapter 13, the homeowner starts making the regular payment on his home mortgage and makes a plan payment to the Chapter 13 Trustee. The amount you are behind or the “arrears” are paid by the plan payment in a plan over 3-5 years. The payments can start out lower and then be higher in the later years.
In today’s difficult real estate and employment conditions, many cases involve obtaining a loan modification while in the Chapter 13 Case. The Judges have approved special plan language to allow plans to be confirmed (i.e. approved) where the Debtor proposes to obtain a plan modification within one year. These plans then provide that if you are not successful in a plan modification, that the plan is modified to provide for rejection of the house, or to pay the contractual payment and pay the arrears in the plan.
Chapter 13 can stop the foreclosure and give you some time to sell your house or catch up on your back payments. If you qualify for Chapter 13 and can start making your house payments to your lenders again and make a plan payment, you can have up to five years to complete a Chapter 13 plan.
Fees to stop your foreclosure now start as low as $0.00 if no Notice of Default has been filed, $500.00 if a Notice of Default has been filed, or $1000.00 if a Notice of Sale has been posted on your property. In addition we collect the $310.00 court filing fee and $95.00 for the classes required. pre-filing credit counseling and post filing debtor education course, plus credit repair, credit report before you file and Debtor Education after the case is on file.
If too much credit card debt has helped cause these problems, then remedies like Chapter 13 may let you pay nothing to these creditors and be free of the debt forever. If you owe taxes these might be dischargeable or you can pay them with no more interest and the penalties are discharged.
GET RID OF HOME EQUITY LOAN LIABILITY! You owe it to yourself and your family to investigate these possible solutions to your situation. If your house is worth less than you owe on your first mortgage, then I can strip off and void your second mortgage or Home Equity Line of Credit (HELOC). Get rid of your second mortgage and all your credit cards and pay them all nothing!!!! Nothing like a fresh start in life.
Call us at 408-291-6000 for an appointment in our San Jose office. And don’t make the mistakes listed on this page!!!