How Do I Stop A San Diego Foreclosure?
Whether or not your file a Chapter 7 or Chapter 13 bankruptcy to stop your San Diego foreclosure or other debt collection the bankruptcy will stop, at least temporarily, any San Diego foreclosure. The automatic stay will take effect right away and creditors cannot pursue the debts while in place. This means that bank cannot initiate a San Diego foreclosure in order to sell your home.
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But, what happens to your home depends on whether you file Chapter or Chapter 13 bankruptcy protection. The difference between the two is fairly significant. Your bankruptcy lawyer will explains all your options and tell you which property, if any, you will be able to keep.
In a Chapter 7 bankruptcy most, if not all of a consumer’s debts will be discharged. If you are facing a notice of default, you can include your mortgage in the filing but your lender will be able to keep your home. Also, San Diego foreclosure lawyers will tell you not to worry about any difference between what is owed and what the home is worth. In California , home prices have declined significantly. If you home is worth $250,000 but you owe $300,000 don’t worry because the California Chapter 7 will wipe that out.
In a Chapter 13 bankruptcy you will suggest a payment plan to the Chapter 13 trustee in order to stop the San Diego foreclosure. With fluctuating interest rates many borrower’s mortgage payments far exceed what they can afford or other debts are eating up their other income. This leads to the lender initiating a San Diego foreclosure. If you can make the Chapter 13 payments you should be able to be current on the loan within three to five years. But, you must stay current on the Chapter 13 payments or the lender can have the automatic stay revoked.
At the Law Office of Harold D. Thompson we have helped thousands of individuals with San Diego foreclosure, debt relief and Chapter 7, Chapter 11 and Chapter 13 bankruptcy. We will start your case for as little as $800.00. Call our office TODAY at 619.615.0767 or visit our other websites at San Diego Bankruptcy Lawyer Blog or My San Diego Bankruptcy For More Information.