As we know all too well at JT Legal Group, the majority of foreclosures are not due to the borrowers' financial irresponsibility. Usually, foreclosure occurs due to misconduct on the lender's part, an unexpected life event, a medical emergency, or some other unforeseen financial disaster. This means that homeowners are often scrambling to try everything they can to stop foreclosure, sometimes right down to the wire before their property auction. So, what can homeowners trying to stop foreclosure in California do when they find themselves in this difficult situation?
Remind yourself that everything will turn out okay, and that you still have options to stop foreclosure and stabilize your living situation. While this is always easier said than done, it's best to first consider the legal advice of a trusted mortgage attorney before pursuing any big action on your own.
Initiating litigation to stop foreclosure is usually a very attractive (and effective) option whenever possible. But even if you're not sure if that's a viable option for you, sitting down for a consultation with a trusted foreclosure attorney can bring you peace of mind. At JT Legal Group, we offer free, no obligation consultations with our foreclosure attorneys so you may come to a clear understanding of what your options are based on your unique case. Without having a proper knowledge of laws and real estate policies, fending for your property may be difficult, alone. Working with knowledgeable mortgage lawyers may help prevent your home from being foreclosed on.
The most effective way to stop foreclosure at the last minute is to initiate litigation with a trusted foreclosure attorney. This action can range from buying you some time in the property, to setting you on a course to eventually be able defeat the foreclosure actions taken by your lender. How permanent the effects of litigation are depends on the facts of your case, as well as your commitment to the litigation action, and the quality of work your foreclosure lawyer offers.
Many clients who were seeking foreclosure defense options, often kept one question in mind: "how much are foreclosure lawyer fees?" At JT Legal Group, our billing options vary by client's situation, so those may budget more effectively. There is no set cost for litigation services, as the workload on your mortgage attorney's end can vary widely depending on the elements of your case.
If litigation is not appropriate, there are two other methods regarding how to save your house from being foreclosed upon. A short sale is a very good option if you do not particularly mind moving to a new residence and mostly want to avoid the financial and credit-based damage that results from foreclosure. On the other hand, if you care less about credit and money and more about not having to leave the property, a last-minute bankruptcy can be a viable option. Though the two don't seem as pleasant as they sound, consider speaking to your local foreclosure attorney in Los Angeles. By doing so, you're given a better understanding of your foreclosure help options.
However, please keep in mind that bankruptcy should generally be treated as a last ditch effort to stop foreclosure in California. Bankruptcy has long-lasting and far reaching consequences that can take as much as a decade to recover from. Bankruptcy is one of the most effective ways to stop foreclosure at the last minute, but only if remaining in the property is your absolute, number one priority above fiscal health.
-- Michael Avanesian, Esq.
Note: Attorney advertising. Nothing posted on this blog is intended, nor should be construed, as legal advice. Blog postings and hosted comments are available for general educational purposes only and should not be used to assess a specific legal situation. Nor does any comment on a blog post create an attorney-client relationship. The presence of hyperlinks to other third-party websites does not imply that the firm endorses those websites, their contents, or the activities or views of their owners.