Sacramento Bankruptcy Lawyers Blog

What are the Steps for Home Foreclosure In Sacramento?

2011-08-16T20:33:34Z

Whenever a home foreclosure is filed in Sacramento, there is a particular set of steps that will occur. The first step requires the lender to file a Notice of Default with the County Recorder. A notice of the filing is sent to the borrower, who then has the option to pay off the delinquent amount plus any foreclosure costs, in effect stopping the foreclosure.

Ninety days later, a Notice of Sale is posted on the property and in one public location near the home. This notice must be published in a local newspaper once each week for three weeks beginning at least twenty days before the final step—the Trustee Sale Auction. The notice must contain certain information, most specifically the date, time, and location of the sale along with the property address and contact information for the trustee. It must also be recorded with the County Recorder at least 14 days prior to the sale or the home foreclosure cannot proceed.

The final step is the Trustee Sale Auction, which is a public auction that is conducted by a representative of the lender. Whoever wins the auction must immediately pay the full amount of their bid in cash or with a cashier’s check. In return, he or she will then receive a trustee’s deed and become the legal owner of the property.

If you have a question regarding Foreclosure in California please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

Key Information on Bankruptcy

2011-07-28T20:35:36Z

Bankruptcy is an option that should only be used when all other avenues have been explored. If there is no way to get out of debt then it can possibly help. If you can no longer pay minimum payments and have defaulted on some bills, exploring bankruptcy might not be a bad idea. There are two main types for individuals that can be utilized.

Chapter 7 filing is used by persons who cannot pay off their debts. Unsecured debt is completely done away with. With your secured debts, such as credit cards, assets are sold or a payment plan is come up with. If this fails, these debts are eliminated as well.

A Chapter 13 filing is a little bit different. The court looks at what you earn and the bills you pay each month. Whatever is left over is used to pay off debt based on a period of time, usually three to five years. If you cannot pay all the debt in this time period, this debt is eliminated.

Bankruptcy will affect your credit, but it can also give you a fresh start. If you believe these options can help you out, contact an attorney today.

How To Use Bankruptcy To Save Your Home

2011-07-16T20:34:42Z

Common Questions Regarding Bankruptcy And Foreclosure
Many people are confused about the types of bankruptcy available to them, and whether or not a bankruptcy can stop foreclosure. Here are some common questions and answers for those considering bankruptcy.

Q. Can I use bankruptcy to stop foreclosure on my home?

A. In many cases, yes. Bankruptcy under Chapter 13 of the U.S. Bankruptcy Code can immediately stop foreclosure on your home, as well as collection of other debts.

Q. What if my mortgage company has already filed foreclosure and has already given me a date by which I have to leave my house?

A. Chapter 13 bankruptcy creates an automatic stay on foreclosure proceedings. As long as you use bankruptcy correctly, and a repayment plan is created and approved by a federal court, you will get to stay in your home.

Q. What if I don't have the money to pay my debtors back?

A. Unfortunately, if you are unable to make payments you might not be eligible for Chapter 13, which is a reorganization of financial obligations. If that is the case, Chapter 7 might be the only bankruptcy you can use. Chapter 7 is straight bankruptcy, and calls for total liquidation of all assets.

How To Stop Foreclosure By Filing Bankruptcy

2011-04-23T20:41:27Z

In case you have become delinquent with your home loan payments and are unable to bring the loan current, you could be facing foreclosure from your lender. Should you be unable to arrive at a binding agreement with your bank, bankruptcy is definitely a solution to end or at least postpone foreclosure.

A Chapter 13 bankruptcy or Chapter 7 action can certainly end the foreclosure procedure, for the time being.

Chapter 13 is the better alternative to keep your house should you have a means to make up the repayments in the foreseeable future but happen to be not able to formulate binding agreement with your bank. This approach has much less affect on your credit score, since it supplies a means for you to compensate creditors as time passes, typically four years. You need adequate revenue for making these repayments. Using Chapter 13, you will pay your present loan payment every month together with a portion of the payments which you have not paid four years. You need to maintain repayments or the mortgage company could request the judge to cancel the bankruptcy protection, and commence the course of action once more. Should you have obtained an additional mortgage loan on your home, Chapter 13 may also eradicate that mortgage loan completely when the second mortgage loan isn't collateralize from your property value, as a result of decrease in home values or other conditions.

If you have a question regarding Bankruptcy in Sacramento please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

Seven Common mistakes with Home Foreclosure

2011-04-22T16:30:10Z

There are seven main mistakes when it comes to buying a Home Foreclosure. First mistake is assuming that all home foreclosures are good deals because they are not. Most are in foreclosure for a reason so it is best you do some research on your potential buy. Second mistake is bidding too high. It is important that you stay within your budget and not go overboard. Mistake three is believing that early bidding is a guarantee to winning a Home Foreclosure. It always doesn't work out that way. The fourth mistake is failing to get a home inspection before purchasing the home. You cannot base your buy on looks alone. Always hire a professional expert to ensure you get your moneys worth. The fifth mistake is failing to do your homework on the property. This includes the inspection of the home and the surrounding homes. Check out the neighborhood and other Home Foreclosure listings in the area. The next mistake is failing to work with a lender or broker. They are professionals that work in the system everyday and they can give you vital information on what needs to be done to ensure you get the best deal available. The final step is acting too fast. Always do the research necessary to make sure you save money in the long run. Follow these steps and stay ahead of the game!

What State is Leading the Nation in Home Foreclosures?

2011-04-20T16:30:56Z

Nevada continues to be the leading state in home foreclosures. Nevada reached a record high in 2008 and has continued this trend for the last 3 years. On the other hand Ohio has the lowest home foreclosure rate. The difference between Nevada and Ohio are many, but why does one state continue to rise in foreclosure's while the other drops? This is a question many home owners have asked, and the answer is not all that simple. Perhaps it is the living conditions between the states. Or even more likely, that the cost of living is greatly increased when purchasing a home in Nevada as opposed to buying your home in Ohio. What ever the reason new home owners and buyers in the market should probably avoid purchasing a home in Nevada until this serious issue is under control. If you're thinking of buying a home in Nevada and want to avoid home foreclosure, research to find a bank that has lower rates and a least amount of foreclosures.

Prevent Eviction and Home Foreclosure With Bankruptcy!

2011-04-18T16:35:49Z

Financial problems happen to everyone, most of the time these problems are caused by outside circumstances, such as a lay-off or a pay cut. When you own a home, these financial problems can lead to a home foreclosure if not addressed quickly.

Many people have opted to try and receive a loan modification. Many people are denied a modification because their loans are too new, others receive a modification but their financial standings are still too unstable and they fall behind again. Both of these situations face the possibility of a home foreclosure.

However, there is a resource that home owners can use that will save their home from foreclosure. Chapter 13 bankruptcy is a reorganization filing that will allow you to restructure your house payments and save your home. During this procedure the courts will work with your lender to restructure the payment on your mortgage, and other bills, that will fall within your ability to pay. If you maintain your payments through the court approved program, you will be able to keep your home while you get back on your feet again.

How to Take Advantage of Home Foreclosure

2011-04-16T16:30:33Z

Over the past few years, the rate of mortgage defaults and foreclosures has reached an all-time high. While being foreclosed on will often be disastrous for your credit and cause you to lose your home, there are several ways you could take advantage of the foreclosure process and make the best of the situation.

The first way that you could take advantage of a home foreclosure is by paying down other debt. When you go through the foreclosure process you can stop making home payments altogether until you are evicted from your home. Since this process could take months, the money that is normally used to make a mortgage payment could be used to pay down other debt.

The second way that you could take advantage of a home foreclosure is by saving more for retirement. Similar to paying down debt, you could use the excess personal cash flow you save from not making a mortgage payment to save for retirement. Saving for retirement would be preferred over putting money into a normal savings account because the money in a savings account is protected in the event that the mortgage lender tries to sue you for any loss they incur.

Personal Bankruptcy Increase

2011-04-15T16:31:18Z

There are many reasons for the personal bankruptcy increase. The biggest reason is we are in the worst recession the United States has seen in many years Layoffs or working fewer hours have made it difficult for some people to meet their monthly obligations. The collapse of the housing market has also helped to cause the personal bankruptcy increase. A lot of houses are worth less now than the money owed to pay off the mortgage. Some people file bankruptcy rather than make payments on a house that is worth much less now than when they bought it. Still other people amass a lot of debt with the intention of filing bankruptcy when the bills become too high. Natural disasters such as floods and unexpected expenses like serious illnesses contribute to the rise in personal bankruptcy.

In 2006 a new law was passed to make it more difficult to file bankruptcy.Under this law individuals filing chapter 7 bankruptcy have to prove that they are unable to pay their debts. In spite of this, bankruptcy filings have increased dramatically.

Bankruptcy can relieve people of many of their debts but it will not change bad habits. Credit counseling can be a useful tool for helping individuals learn to better handle their finances.

Help For California Foreclosure

2011-04-13T16:30:18Z

The most important person who can help with California foreclosure is you. You cannot sit and do nothing hoping everything will just get better. You must take action, and do it as early on as possible. Your first decision is whether you want to keep or sell your house.

If you just want to sell and move on, you can either contact a Realtor or a real estate investor for assistance. Real estate investors are cash buyers and may be able to help you immediately. Realtors are not going to buy your property. They can only list it while you both wait and hope for a buyer to come along in time to stop the foreclosure.

If you want to keep your home you have three options. One is to refinance, but since you are behind on payments and your credit has probably already been destroyed this solution is not likely to work. Option two is loan modification. This really is a possible solution for you but do not rely 100% on your success. Option three is Bankruptcy, and if this is not your first choice that's fine but look into the process as your back up plan. You may need to be prepared to move quickly should loan modification fail. A licensed Bankruptcy Attorney can help you prepare yourself and take over on a moments notice should this happen. A licensed Bankruptcy attorney can stop the California foreclosure process quickly when you have little or no time.

California Foreclosure Activity

2011-04-11T16:30:32Z

Another sign that the economy is on the rebound is that the California foreclosure picture is looking better. For the fourth straight quarter California foreclosure filings have gone down and it looks like a trend that is here to stay. Much of this good news may very well be from the fact that financial institutions are implementing alternative ways for homeowners who are in financial distress to be able to stay in their homes.

It is a practice that makes sense on both sides of the fence. Lending institutions are not in the real estate business so they have no practical reason to hold onto real estate. If a person forecloses then the institution is taking a financial loss. From the homeowners perspective this is good for all the obvious reasons plus their credit rating stays good which helps everyone.

So if the saying is true that "As goes California, so goes the rest of the nation", then we should all be able to look forward to better times ahead. Hopefully the California foreclosure picture will be the same thing that the rest of the country see's in the near future.

Four Stars Who Filed Bankruptcy

2011-04-09T16:31:26Z

In this bad economy, you hear a lot of news about foreclosure and loss of jobs hitting the middle class. Yet, these days, even the rich celebrities are getting hit hard by the economy.

#1 Gary Coleman

Coleman was once one of the highest paid child stars in history. Despite this, he filed for bankruptcy in 1999, due to carelessly spending his money as well as his long, expensive medical bills. Coleman once even had to work as a security guard, which was a complete downgrade from his star status.

#2 Kim Basinger

In 1993, Basinger had to file for bankruptcy due to losing $8.1 in a lawsuit. Basinger ended up selling a $20 million dollar town investment to pay of some of her debt.

#3 Dorothy Hamill

Hamill, an Olympic champion, once owned the Ice Capades. After a few years, it ended up being a choice that she regretted after she had to file for bankruptcy in 1995 after selling the company.

#4 Marvin Gaye

After a fourteen year marriage ended with divorce, Gaye became bankrupt. Eventually, he gained the money back after marrying his second wife in the year 1977 and having a #1 hit, which made his profits soar.

Three Secrets About Bankruptcy

2011-04-08T16:30:01Z

Bankruptcy is often looked at as the worst possible choice a person could make to handle their debt. Many debt consolidation companies even go as far as to state that you will never establish credit or be able to purchase a home again if your file for this type of relief. This is not true. There are, however, a few secrets about the benefits of bankruptcy that everyone should know.

1. Filing for this type of debt relief can help save your home. When you enter into a Chapter 13, you will have the protection of the court from foreclosure and eviction while the court establishes a repayment plan.
2. People who file for bankruptcy can begin to reestablish credit, and purchase a home, usually within a year and a half of filing. The FHA will allow mortgages at 18 months if all your other bills are current.
3. Chapter 7 and Chapter 13 filings will help you regain control of your finances and establish a secure financial future for yourself.

Where is the Help For California Foreclosures?

2011-04-06T16:30:14Z

You can find help to avoid California foreclosure in many locations. Your Lender, a Real Estate Agent, a Loan Modification Company, a Real Estate Investor, a Mortgage Broker, and Licensed Bankruptcy Attorney are all places you can find assistance. Who you choose to talk to depends on what you want to do, keep your home or sell it.

To sell your home talk to the real estate investors and agents. To keep your home talk to the mortgage broker about refinance--if your credit is still in tact. Talk to your lender or a loan modification company about modifying your loan to make affordable again. Talk to a licensed bankruptcy attorney about filing for either chapter 7 or 13 bankruptcy.

When you file for bankruptcy the California foreclosure on your home will be stopped immediately. It will not resume unless you do not get accepted or get dismissed. If you are successful in getting a bankruptcy the courts will reestablish your good standing on your loan and the foreclosure will be stopped for good. While bankruptcy can stop foreclosure at the last minute you want to get started as early as possible. Set up a consultation with a licensed bankruptcy attorney and find how you can save your home and your financial future.

The Face of California Foreclosure

2011-04-04T16:30:55Z

The California foreclosure crisis has affected nearly every family of every economic background in the state. People that have not faced foreclosure themselves have watched family members and neighbors forced from their homes from the inability to pay their mortgage. The California foreclosure crisis has its roots in high unemployment and low economic stability. It affects homes in every city and county. It crosses all barriers of ethnic background, financial standings and political beliefs.

The foreclosure crisis has been an ongoing problem in the state for the last three years. Currently the state is ranked as one of the top three states in the nation for escalating foreclosures. Loan modification programs and short sale opportunities do not seem to have the desired effects on the Californian economy as hoped.

So what can you do to protect your home from a California foreclosure?

There is an option that is not well known, that will allow you to restructure your debt and keep your home. It is Chapter 13 reorganization bankruptcy. This type of proceeding will allow you to restructure your mortgage, as well as your other debt, into a manageable monthly payment.

Bankruptcy is a choice that everyone can make to keep their home. You do not have to be at the mercy of the banks or wade through the long lines of bureaucracy. You can talk to a bankruptcy attorney and save your home by filing Chapter 13 reorganization.