Foreclosure Defense Attorney in San Jose

San Jose Bankruptcy Lawyer Helping You Avoid Foreclosure

Are you at risk of having your home foreclosed upon due to defaulted mortgage debt? If you are, then you need to act quickly so that you can take advantage of any opportunities you might have to avoid foreclosure. There are various foreclosure defense tactics that individuals can use, including bankruptcy and other options. The San Jose bankruptcy attorneys from our firm, Arnold Law Group, APC, can help you explore your options and come up with the right action plan for keeping your home, or for getting rid of your home without having to go through foreclosure.

How can bankruptcy help me keep my home?

When a person files for bankruptcy, the filing places the foreclosure proceedings on a legal hold through what is called an "automatic stay." This lasts until the bankruptcy process is completed, which may be several months for Chapter 7 bankruptcy or three to five years for Chapter 13 bankruptcy. This period gives the debtor time to catch up on the late mortgage payments so that he or she can be current again (and no longer at risk of foreclosure) once the bankruptcy is over.

It should be noted, however, that there are some cases in which the mortgage lender can get the automatic stay lifted. Debtors who file for Chapter 13 bankruptcy may also have the option of getting second and third mortgages "stripped off." If you qualify for this, you may be able to ultimately get some of your mortgage debt discharged through the bankruptcy process.

What are my other options?

The type of foreclosure defense option that should be used varies on a case-by-case basis. What might help one person could end up being even more damaging to another individual who has different foreclosure circumstances. Make sure you consult with a skilled attorney before taking any action, as there are many other foreclosure defense options that might be available. These include the following:

• Home Loan modification: The homeowner gets the lender to agree to alter some of the terms of the mortgage so that the debt is more manageable.
• Short sale: The homeowner gets the lender to allow the home to be sold for less than what is owed on the property. Once the home is sold, the homeowner can walk away from the property without having to owe the difference, as long as the right procedures are followed.
• Deed in lieu: When a homeowner would rather give up the home than have it foreclosed upon, he or she may choose to carry out the "deed in lieu" process. This occurs when the homeowner voluntarily hands the deed of the property over to the lender on the condition that this individual will no longer have the mortgage debt in his or her name.

Contact us so we can provide you with the information and guidance you need!