Foreclosures in California are generally non-judicial foreclosures. In a non-judicial foreclosure, the courts have no role to play. The lender will inform you of its intention to foreclosure and start the process. If you do not take timely action to prevent the foreclosure, your house will be sold to the highest bidder at an auction. The first thing you need to do if you are facing foreclosure is to get in touch with a foreclosure attorney. The Sacramento foreclosure attorneys of Thomas Hogan Law Office have been assisting homeowners prevent foreclosure for the past 25 years.
For a free fifteen minute consultation with our expert Sacramento Foreclosure Lawyer give us a call at (916) 756-0243.
Sacramento Foreclosure Negotiations
Negotiating with the lender is the best way to stop foreclosure. Don’t jump into a negotiation cold. Before you start negotiating, make a list of what you want from the negotiation. Is your financial situation likely to improve in the near future? In such cases, you should ask the lender to grant a break in the payment schedule. If your situation is such that you can make some payment but not the entire monthly payment, then you should ask your lender to reduce the monthly payments by increasing the duration of the payment schedule.
Hire a Sacramento Foreclosure Attorney
When you have to undertake serious negotiations, it is always advisable to hire the services of an attorney. It achieves manifold purpose. Most attorneys have good communication skills. Many, attorneys are very good negotiators — they have to be because in many cases the clients come to them when the situation is really beyond their control — in this situation an attorney knows he has to try to push for the best deal. If he can’t, then try for the next best of course. This may be another line, simply another course of haggling for, for example how much payment the lender would settle for at this moment.
Stop Foreclosure Options
If you can convince the lender during the negotiations, the lender will generally modify the loan. Depending on your circumstances, the lender may extend the period of the loan thereby reducing the monthly payments to a more affordable amount. Alternatively you can opt for another loan. There are many lenders who are trained in loans to stop foreclosure. You can use the loan to pay off the mortgage and then repay the new loan over a period of time.
Filing for bankruptcy
If all your options are exhausted, then you can prevent foreclosure by filing for bankruptcy. If you file a Chapter 7 bankruptcy, you can delay the process but ultimately you will loose your home. However if you file a Chapter 13 bankruptcy you can save your home if you include your mortgage payments in your payment plan. Don’t use bankruptcy as the first option. Contact Thomas Hogan Law Office to know if you can prevent the foreclosure by filing for bankruptcy.
Call us for a free consultation
You can avail a free fifteen-minute consultation with our Sacramento Foreclosure Attorneys. Give us a call at (916) 756-0243 and we will schedule a consultation at your most convenient time.
Thomas Hogan Law Office Sacramento, CA700 University Avenue, Suite 130 Sacramento, CA 95825
Tel. No.: (916) 756 – 0243
Business Hours: Monday-Friday 9AM-6PM