Should you find yourself falling behind on mortgage payments, it is important to look for ways to stop foreclosure in the Bay Area. You may have a hardship going on, including divorce, extensive medical bills, or unemployment – all of which can do a number on your finances. The good news for most homeowners is that there are ways to stop a foreclosure as long as you find the right attorney to help.
What to Do Once You Have Issues Making Mortgage Payments
The best thing to do first is to contact your lender to see if you can create some type of plan. From there, you can look for a stop foreclosure attorney in San Jose to help. There are several things that the right law office can help you with, all of which are excellent avenues to help you keep your home. These include:
It is not always feasible to know about the state and federal laws that prohibit a lender from moving forward with foreclosure sales in the Bay Area. However, if you are under a review for a potential loan modification, you do have rights. The good news here is that there are plenty of great loan modification programs that you might be able to pick from that will allow you an alternative to losing your home or lowering your monthly payments on your mortgage.
San Francisco, CA, stop foreclosure lawyers will also be your best asset if you are looking to take the bankruptcy route. It can help you keep your home out of foreclosure, but you need to be careful to navigate the process the correct way.
When looking at all of your options to stop foreclosure in the Bay Area, you must look into the short sale path. This is a hardship scenario remedy allowing you to apply for a short sale rather than dragging out the foreclosure process. You should understand that this is an option only applicable to a homeowner that owes more on the property than it’s worth. The lender will also have to approve of the short sale before your home is listed.
Deed in Lieu of Foreclosure
With this option to stop foreclosure and repossession in the Bay Area, you are voluntarily signing your home’s deed back to the lending institution. While this may seem like a simple option, you will rarely see this granted by a lender due to the legal risks. However, working on this or other avenues to avoid foreclosure will be easier when you have the right law firm on your side.
Do you need to stop foreclosure in the Bay Area? If so, we are here to assist at Brooks Law Office. We are available to address your concerns and questions or set up a time for a consultation by calling us at (408) 286-2766. Click here to learn about us in Espanol or click here to find out more about bankruptcy and the smartest way to proceed. You will find that we have a dedicated, knowledgeable team here to help you navigate this potentially stressful time.
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