Many Americans are still facing the possibility of losing their home, and are in need of options to stop foreclosure. Falling behind on monthly mortgage payments and applying for a loan modification in hopes or getting a lower rate works for some homeowners, but the vast majority are left in even worse shape than where they started. Even after being denied for a mortgage modification, homeowners do still have options for stopping foreclosure on their home.
The Los Angeles foreclosure attorneys of Consumer Action Law Group have been able to successfully stop the foreclosure process, and save home for our clients time and time again. In most cases, these clients came in to our office for a free consultation with little hope of stopping foreclosure, and left knowing that they actually had options to save the home.
There are new laws protecting homeowners in California from illegal foreclosures under the California Homeowners Bill of Rights. These new foreclosure laws are helping people stop the foreclosure process, cancel their notice of trustee sale date, and can actually result in a principal balance reduction on their mortgage with lower monthly payments. Many smart homeowners are opting to sue their mortgage company in order to get the satisfaction they need.
Option 1: Mortgage Litigation – Sue Mortgage Lender
One method that our foreclosure attorneys use to stop foreclosure is mortgage litigation. When a homeowner enters into mortgage litigation, they are filing a lawsuit against their lender for violations during the time of their agreement. Our foreclosure attorneys will help you determine if you can sue your mortgage lender by reviewing your case during a free consultation.
The California Homeowners Bill of Rights is in place to protect consumers from the predatory lending practices that most major banks were engaged in. There are now restrictions on dual tracking, you are given a guaranteed single point of contact, and armed with the tools to prosecute mortgage fraud.
Option 2: Filing Bankruptcy to Stop Foreclosure
We pride ourselves on being the best foreclosure lawyers in Los Angeles, and if you contact us with enough lead time before your trustee sale date, filing a lawsuit against your lender may be the best option. If you are left with limited time until your trustee sale date, or your mortgage company has not committed fraud, filing bankruptcy will stop foreclosure.
Both chapter 7 and chapter 13 Bankruptcy will stop foreclosure, but they will have different long term effects. If your goal is to keep the home for the long term, a Chapter 13 Bankruptcy is the best option for stopping foreclosure effectively.
Stop the Foreclosure Process Now
Call our attorneys today to schedule a no-cost legal advice consultation to stop the foreclosure process now. We realize how stressful the foreclosure process can be, and have helped many of our clients come out stronger and more financially stable after retaining our firm. Delaying could cost you, so call today to schedule your free appointment with one of our foreclosure defense attorneys.