Sacramento Bankruptcy Lawyers Blog

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 and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

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.

If you have a question regarding Foreclosure in California please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

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 and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

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!

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

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.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

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.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

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.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

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.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

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.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

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.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

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.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

Home owners that are considering a short sale as a way to avoid foreclosure should consider a few dismal statistics. First, a short sale must be approved by your lender and can take several months to process. In the mean time your home can become another California foreclosure statistic. Second, you must have a buyer to sell your home in a short sale and you must make the mortgage payments during the sale period. Most people believe that once you offer your home on a short sale you are no longer obligated to pay. And finally, you will have to move from your home, without the benefit of any money made from the sale of your home. It is very similar to an eviction.

If you are facing a California foreclosure, you have another option to save your home. You can file for bankruptcy protection under a Chapter 13 petition. Just like a corporation that files bankruptcy to restructure its debt, an individual is offered the same protection under Chapter 13.

When you file bankruptcy you will not face eviction or foreclosure. You will have the full protection of the law while the court restructures your mortgage and other debt. You will emerge from the proceeding with the ability to keep your home when you agree to the court mandated repayment plan.

You will not have to apply for a loan modification and risk being denied. You will not have to sell your property short and be left in the street without a home. You will no longer receive harassing calls or letters. You will, in fact, be a new person with their debts under control and a home to live in.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

It is apparent, if you watch the news, that California is facing a foreclosure crisis that is worse than in many other parts of the country. California is currently in the top 3 states where foreclosures are rampant. The truth is, however, that the California foreclosure mess could slow down if everyone understood the follow three points:

1. California foreclosure problems are state wide and not restricted to any one type of financial status. All too often you hear the news stating that lower income mortgages are to blame for this mess. However, million dollar mansions in Beverly Hills are foreclosing at the same rate as homes in less affluent areas.
2. Government programs do not work for everyone. Loan modifications and short sale programs often sound good on paper, but many people will not qualify for these programs. Banks and mortgage servicing companies are encouraged to promote these tools, but much of the red tape involved in the process eliminates a majority of the people applying for help.
3. Loan modification programs and short sales are not the only option that home owners have to save their home. Protection through a Chapter 13 bankruptcy is an option that home owners can use to save their property. This is a viable way to restructure all of the home owner’s debt into a payment plan that will prevent another foreclosure from entering into the system.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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.

When it comes to dealing with home foreclosure, there are many ways you can prevent this process from happening. One thing everybody going through foreclosure should do is to consult the advice of an attorney that specializes in real estate and foreclosure laws. An attorney that is involved in real estate and foreclosure will be able to provide you with information on how the law works and how you can get you home out of foreclosure. By speaking with an attorney, you will be on the right path to preventing your home from going into foreclosure. 

When it comes to the home foreclosure process, the first thing you should do is contact your lender. You should check with your lender to see what exactly is needed to get your mortgage payments back current. You should try to work out the best deal possible, so you will not end back up in foreclosure. If you don’t have the amount the mortgage company is asking, try asking some family members or having a garage sale to raise the money. Whatever you do, you should try being creative because the ultimate goal is to save your home. Once you are able to save your home, you should try your best to remain in good standing with the mortgage company.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm 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

A Sacramento bankruptcy attorney explains bankruptcy and the foreclosure process.

Learn about bankruptcy and foreclosure before you take the next step. Bankruptcy and foreclosure are two of the most important financial steps anyone can take. The effects of either one can affect you up to ten years. Either one of these can affect you getting credit if you need to buy a car or another home. Taking these steps requires you to really think about the outcome.

Can I keep my home if I file bankruptcy? Yes you can keep your home if you file bankruptcy. You must be current in your payments to the lender. The bank cannot foreclose on your just because you are going through bankruptcy. As long as you are current, then you can keep your home. Your Bankruptcy Attorney can explain how the laws work.

Can I let my home go back to the bank during foreclosure? Yes, you have that option. If you are unable to make your payments, you can let the bank foreclose on your home. Consult a bankruptcy attorney regarding your options during bankruptcy and foreclosure proceedings. They can advise you what is in your best interest. If you let your home go to foreclosure, you may not be able to qualify for a loan to purchase a home for a few years.

If you have a question regarding bankruptcy in the greater Sacramento area please contact us at 916.792.6025 or for a free consultation or visit consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about ankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Sacramento bankruptcy attorney defines an automatic stay.

When you file for bankruptcy, the automatic stay immediately stops any lawsuit filed against you and most actions against your property by a creditor, collection agency, or government entity. Especially if you are at risk of being evicted or being foreclosed on the automatic stay is a powerful reason to file for bankruptcy.

Bankruptcy will likely give around 2 months before the home is subject to relief from automatic stay. The lender will request the court to remove the property from protection of the automatic stay. The requirement for relief from stay is delinquency in payments. After relief from automatic stay the home is then set for sale.

A chapter 13 allows for the restructuring of debts per a proposed plan. Here a borrower can use Chapter 13 to cure the amount they are behind on while paying the ongoing home loan payment all while being protected by the automatic stay.

Please do not hesitate to contact us at our Sacramento office by calling 916.792.6025 or for your debt resolution needs. You can receive a free consultation over the phone, or request a free in person appointment at a Bankruptcy Law Firm office nearest you. Please visit our website at www.sagarialaw.com and fill out a free online evaluation form to determine if you are a qualified candidate for bankruptcy. Bankruptcy Law Firm's team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff at Sacramento can assist you with all aspects of your bankruptcy case. We at Bankruptcy Law Firm can assist you regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. and we are happy to help! Our bankruptcy attorneys located throughout California and Oregon can assist you with your bankruptcy questions.

A Sacramento bankruptcy attorney

A foreclosure usually results when the borrower defaults on payments pursuant to the home loan. Once the borrower is in foreclosure a borrower may be able to prevent foreclosure if it pays the amount of the default plus foreclosure fees. If the borrower cannot make up the delinquency home loan modification should be explored. However if the modification process is taking too long or is not available a borrower may use Chapter 13.

A Chapter 13 allows for a borrower to cure the deficiency over 3-5 years. Chapter 13 filers opting to save their homes usually choose the 5 year plan in order to spread out the delinquency for a longer term and have a plan payment that meets their budget. Bankruptcies filed in the San Diego, Los Angeles, San Francisco areas allow for the filer to either pay the ongoing home payment directly to the lender or to their Chapter 13. Sacramento requires the ongoing home loan payment to the trustee.

If the Chapter 13 debtor makes all payments then the delinquency is cured and the home should not be able to be foreclosed on.

If you would like more information on this topic or other bankruptcy topics, please contact our Sacramento office at 916.792.6025 or . We at Bankruptcy Law Firm can connect you with one our our experienced Sacramento bankruptcy attorneys. We have bankruptcy attorneys located throughout California and Oregon to assist you with your bankruptcy questions. If you need assistance regarding a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! Please contact us to receive a free consultation or visit our website at www.sagarialaw.com to request an in-person consultation with an experienced bankruptcy attorney. We have an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting Sacramento.

A Sacramento bankruptcy attorney discusses how bankruptcy affects foreclosure.

Filing for bankruptcy invokes the automatic stay which is an injunction against all acts of collection. If your home is set for sale and bankruptcy is filed then the sale is an act of collection that must be stopped. A good practice is to fax a court stamped copy of your petition to notify the lender and foreclosure trustee that a bankruptcy was filed. Lenders will respect the automatic stay and no proceed with foreclosure.

Bankruptcy will likely give around 1-2 months before the home is subject to relief from automatic stay. These 1-2 months will allow for a home owner some time to make preparations for moving. The borrower can try to ask the lender for ‘cash for keys’ where money is given for moving expenses. Money for moving may deflate a borrower’s anger and prevent any damage to the property.

After the filing of bankruptcy, the lender will request the court to remove the property from protection of the automatic stay. The requirement for relief from stay is delinquency in payments. After relief from automatic stay the home is then set for sale.

A chapter 13 allows for the restructuring of debts per a proposed plan. Here a borrower can use Chapter 13 to cure the amount they are behind on while paying the ongoing home loan payment all while being protected by the automatic stay.

We can answer all your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, discharging a debt, asset protection, etc. If you need help regarding a bankruptcy in Sacramento, call us at 916.792.6025 or and we will be more than happy to offer you a free consultation over the phone. You can also fill out a free online evaluation at our website, www.sagarialaw.com, or request a free face to face appointment at a Bankruptcy Law Firm office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

A Sacramento bankruptcy attorney explains the topic of foreclosures.

Foreclosure is the legal process by which the lender acts on a power of sale clause which is included in the deed of trust with such a clause. This process involves the sale of the property by the mortgage holder without court supervision.. This process is generally much faster and cheaper than foreclosure by judicial sale.

Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien.

California has adopted nonjudicial foreclosure procedures in which the mortgagee, or more commonly the mortgagee's servicer's attorney or designated agent i.e. the trustee, gives the debtor a notice of default (NOD) and the mortgagee's intent to sell the immovable property in a form prescribed by state statute; the NOD in some states must also be recorded against the property. This type of foreclosure is commonly referred to as "statutory" or "nonjudicial" foreclosure, as opposed to "judicial", because the mortgagee does not need to file an actual lawsuit to initiate the foreclosure. With this "power-of-sale" type of foreclosure, if the debtor fails to cure the default, or use other lawful means (such as filing for bankruptcy to temporarily stay the foreclosure) to stop the sale, the mortgagee or its representative conduct a public auction in a manner similar to the sheriff's auction. Notably, the lender itself can bid for the property at the auction, and is the only bidder that can make a "credit bid" (a bid based on the outstanding debt itself) while all other bidders must be able to immediately present the auctioneer with cash or a cash equivalent like a cashier's check.

The highest bidder at the auction becomes the owner of the immovable property, free and clear of interest of the former owner, but possibly encumbered by liens superior to the foreclosed mortgage (e.g., a senior mortgage or unpaid property taxes). Further legal action, such as an eviction, may be necessary to obtain possession of the premises if the former occupant fails to voluntarily vacate.

At Bankruptcy Law Firm, we offer an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting Sacramento. If you need help regarding bankruptcy in Sacramento, contact us at 916.792.6025 or for a free consultation or visit us online at www.sagarialaw.com to request a free in person appointment at a Bankruptcy Law Firm office location nearest you. We can answer your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation to quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento!

A Sacramento bankruptcy attorney answers: Will My Lender Help Keep My House?

If the lender is participating in the Home Affordable Modification Program (HAMP) then it must help a borrower keep the home.

If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.

Homeowners who qualify must complete a trial period of three or four months to demonstrate that they will be able to make their reduced payments on time before their mortgage will be permanently modified. To create an affordable payment, your mortgage servicer can lower your interest rate to as low as two percent, as well as extend your mortgage term up to 40 years, or forbear (defer) payments on your principal. A portion of the principal can also be forgiven, although that is optional on the part of the servicer.

If you have questions regarding bankruptcy in the greater Sacramento area , please contact our Sacramento Bankruptcy Attorneys at (916) 492-6025 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Bankruptcy Law Firm office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client Care Specialists and Bankuptcy staff supporting Sacramento and Roseville consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Sacramento bankruptcy attorney explains what foreclosure is...

The primary method of foreclosure in California involves what is known as non-judicial foreclosure. This type of foreclosure does not involve court action. When the deed of trust is initially signed, it will usually contain a provision called a power of sale clause, which upon default allows a trustee to sell the property in order to satisfy the underlying defaulted loan. The trustee acts as a representative of the lender to effectuate the sale, which typically occurs in the form of an auction. Unlike many states where trustees are appointed by lenders, title companies primarily serve as trustees managing foreclosure sales in California.

California has a requirement known as the one-action rule. If a foreclosure is completed by non-judicial means, a second action to recover a deficiency judgment is not permitted. Using a judicial foreclosure, a lender may recover a deficiency judgment in certain circumstances. But since this process takes longer than non-judicial foreclosure, it is rarely used. California non-judicial remedies have stringent notice requirements and the mortgage documents are required to contain the power of sale language in order to use this type of foreclosure method. Judicial foreclosure are permitted in California and these usually occur when no power of sale language is included in the loan documents.

If you have questions regarding bankruptcy in the greater Sacramento area , please contact our Sacramento Bankruptcy Attorneys at (916) 492-6025 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Bankruptcy Law Firm office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client Care Specialists and Bankuptcy staff supporting Sacramento and Roseville consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Sacramento bankruptcy attorney address this important foreclosure issue:

I Received a Foreclosure Notice, What Do I Do? Upon receiving a foreclosure notice the borrowers should realize that foreclosure fees have been added the to the total amount of all late payments.

A foreclosure may be halted if the borrower can repay the total amount of delinquency. The borrower is likely received money from under the Home Affordable Modification Program and may be compelled give the borrower a modification. The modification is typically a recapitalization agreement where the delinquency is moved and spread over the total loan amount. The payments are typically higher if the term of the loan remains the same. The lender may extend the term to 40 years from the traditional 30 year term.

If you have questions regarding bankruptcy in the greater Sacramento area , please contact our Sacramento Bankruptcy Attorneys at (916) 492-6025 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Bankruptcy Law Firm office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client Care Specialists and Bankuptcy staff supporting Sacramento and Roseville consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Sacramento bankruptcy attorney blogs on:
the Short Sale...

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Lenders often have loss mitigation departments that evaluate potential short sale transactions. The majority have pre-determined criteria for such transactions, but they may be open to offers, and their willingness varies. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from an appraisal or Broker Price Opinion (abbreviated BPO or BOV).

Lenders may accept short sale offers or requests for short sales even if a Notice of Default has not been issued or recorded with the locality where the property is located. Given the unprecedented and overwhelming number of losses that mortgage lenders have suffered from mortgage failures that in part triggered the Financial crisis of 2007–2010, they are now more willing to accept short sales than ever before. For "under-water" borrowers who owe more on their mortgage than their property is worth and are having trouble selling, this presents an opportunity for them to avoid foreclosure as a result.

If you have questions regarding bankruptcy in the greater Sacramento area , please contact our Sacramento Bankruptcy Attorneys at (916) 492-6025 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Bankruptcy Law Firm office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client Care Specialists and Bankuptcy staff supporting Sacramento and Roseville consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Sacramento bankruptcy attorney describes the balloon payment...

A balloon payment is a large, lump sum payment. It is made either at specific intervals, or, more commonly, at the end of a long-term balloon loan. Balloon payments are most commonly found in mortgages, but may be attached to auto and personal loans as well.

In exchange for this large final payment, the person taking out the loan reaps of a number of benefits. Usually, the initial amount of cash which must be put down is less than it would be under a standard loan agreement. More importantly, however, this type of loan often has a lower interest rate throughout the life of the loan and smaller monthly payments.

Balloon loans are ideal for people with good investment sense, and the ability to wisely manage and ration their spending. By freeing up capital that can be dedicated to paying down higher interest rates and making larger payments, balloon loans give a savvy investor the opportunity to use that capital to save money. These loans make a lot of sense for individuals expecting a financial windfall at some point in the future. This might be due to a large tax refund, an inheritance, or an expected dividend. Whatever the source, if current cash-flow is not indicative of future capital holdings, a balloon payment may be an intelligent choice.

Most lenders will want some sort of assurance that the final capital for the balloon payment will appear, although some lenders are more free with the granting of balloon loans. It is imperative, if a large sum of money is not expected to appear, that the borrower pay careful attention to setting aside a minimum amount each month to guarantee he or she will have the money when the balloon payment comes due.

If you have questions regarding bankruptcy in the greater Sacramento area , please contact our Sacramento Bankruptcy Attorneys at (916) 492-6025 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Bankruptcy Law Firm office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client Care Specialists and Bankuptcy staff supporting Sacramento and Roseville consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Sacramento bankruptcy attorney discusses short sale in Sacramento bankruptcy...

Can I Short Sell A House In Bankruptcy?

To short sell a home it should be upside down and the current market must be a buyer’s market. Its not a good investment to overpay on a home. If you’re in Chapter 7 to short sell requires the filer to compel the trustee to abandon the business. The trustee would abandon the business if the property has no value and is a burden on administration.

To short sell a home in Chapter 13 most likely requires an application to the judge to allow for short sell. Again if its burdensome to the bankruptcy trustee the request should easily go through.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Roseville bankruptcy lawyer discusses short sale...

Can I short sale my house in bankruptcy?
Yes. You can short sale your house in bankruptcy so long as get an offer and are able to work out the short sale with your bank. The benefit of a short sale of a house in bankruptcy is: 1) you avoid foreclosure, and 2) you can treat any deficient amount (the difference between your loan amount and the price that the house was sold for) as an unsecured debt in your bankruptcy.

In order to short sale your house in bankruptcy, you will first need to put the house up for sale. Then you will have to wait for an offer to purchase to be made for your property. This can happen quickly or it can take a long time, depending on the housing market in your area. Once you have received an offer to purchase the property, you must submit the offer to the bank. The bank will then review the offer and determine whether or not they will accept it.

If the bank accepts the short sale offer, and if you are filing for bankruptcy, then any deficient amount will be included as an unsecured debt in your bankruptcy.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Sacramento bankruptcy attorney asks...What Do You Do If You Receive A Notice of Eviction?

If you receive a notice of eviction its best to leave the property. An even better step is to leave the premises before getting a notice of eviction. That will keep an eviction off of your credit report and not present a red flag to any future landlord.

In contrast, if you’ve overextended your stay and the landlord has won an eviction proceeding against you and has a judgment for possession then the filing of a bankruptcy will halt eviction only if the tenant pays one month of rent to the bankruptcy clerk and files a certification that states that the state court judgment permits the tenant to stay in the premises upon satisfaction of the entire judgment amount and has made a deposit of one month’s rent with the bankruptcy clerk. This allows the tenant have the advantage of the automatic stay injunction and stay in the premises for 30 days. To stay longer than 30 days the tenant must satisfy the amount stated in the judgment for possession to the Clerk of the Bankruptcy Court within the 30 day period that he’s in the premises.

The rules allowing a person facing eviction do not provide much relief. If the tenant could come up with the one month’s rent and the amount satisfying judgment he or she would have just avoided the eviction mess altogether and found another place to stay.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Roseville bankruptcy attorney lets you know how to stop foreclosure in Roseville...

Myth: Stop Foreclosure and Don’t Pay Mortgage

“If I file for bankruptcy to stop foreclosure, I will get to keep my house without paying a dime. “ As ideal as that sounds for every homeowner, bankruptcy does not wipe out all of your mortgage obligations.

Fact: The Automatic Stay Will Stop Foreclosure
Yes, it is true. The automatic stay will stop foreclosure temporarily. The moment you file for bankruptcy, an “Automatic Stay” is placed on all of your property. That means, no creditor can collect from you once you have asked the court for bankruptcy relief. The automatic stay takes affect the moment you file for bankruptcy, whether you file for a Chapter 7 or a Chapter 13 bankruptcy. Generally, however, the automatic stay will be lifted about a month later when the bank files a Motion for Relief from stay. So, if you are filing for a Chapter 7 bankruptcy, you will still have to make the payment that the bank is asking for in order to keep your home at that point.

Filing for bankruptcy is an excellent option if you are drowning in debt, facing foreclosure tomorrow, and believe that within a month you will be able to raise the money needed to pull your home out of foreclosure.

How does Chapter 7 Bankruptcy Stop Foreclosure?
Again, the moment you file for Chapter 7 bankruptcy, you will immediately stop a foreclosure. In order to keep your home permanently, you will have to pay the bank the amount of money that the bank is asking for to pull your home out of foreclosure whenever the automatic stay is lifted.

How does Chapter 13 Bankruptcy Stop Foreclosure?
Just like with the Chapter 7 bankruptcy, the automatic stay will immediately stop foreclosure. The beauty of a Chapter 13 bankruptcy is that it allows you to keep your property so long as you can show that you will pay any mortgage delinquencies over the life of your plan. There are other factors to consider when filing for Chapter 13 bankruptcy, so be sure to talk to your attorney regarding how Bankruptcy can help you.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Sacramento bankruptcy attorney explains the non-judicial process of foreclosure...

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of default that is missed payments. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows pursuant to the California Civil Code of

Procedure:
A notice of sale must be: 1) recorded in the county where the property is located at least fourteen (14) days prior to the sale; 2) mailed by certified, return receipt requested, to the borrower at least twenty (20) days before the sale; 3) posted on the property itself at least twenty (20) days before the sale; and 4) posted in one (1) public place in the county where the property is to be sold.

The notice of sale must contain the time and location of the foreclosure sale, as well as the property address, the trustee's name, address and phone number and a statement that the property will be sold at auction.

The borrower has up until five days before the foreclosure sale to cure (repay) the default and stop the process.

The sale may be held on any business day between the hours of 9:00 am and 5:00 pm and must take place at the location specified in the notice of sale. The trustee may require proof of the bidders ability to pay their full bid amount. Anyone may bid at the sale, which must be made at public auction to the highest bidder. If necessary, the sale may be postponed by announcement at the time and location of the original foreclosure sale. Filing for bankruptcy is a frequent method to stop a foreclosure sale.

Lenders may not seek a deficiency judgment after a non-judicial foreclosure sale and the borrower has no rights of redemption where they can pay the entire balance of the loan and keep the home.
If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Sacramento bankruptcy attorney says: If The Lender Does Not Garnish Wages They Will Put A Lien On Your Property

A nonpossessory nonpurchase money security interest is an interest where a lender takes an interest in consumer goods or tools of the trade. In bankruptcy this interest can be avoided to the extent that the security interest impairs an exemption in such property. Impairment occurs when a debtor cannot take an exemption due to the judicial lien encumbering such property.

Impairment of an exemption is measured by first comparing the value of the interest in the property in the absence of any liens against the total of the lien to be avoided plus other liens on the property plus the amount of the exemption claimed. The exemption is impaired to the extent that all liens plus the claimed exemption is greater than the value of the property.

The above calculation is the content of any motion to avoid a judicial lien. An abstract of judgment of the lien filed in the county where the property resides should be filed along with any request to avoid a judicial lien in order to show the court that a lien exists.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Sacramento bankruptcy lawyer comments on forclosure rates...

It isn't exactly news that California has posted the nation’s second highest foreclosure rate in recent months. Foreclosures in California are up 50% from the same time last year. California’s default notices and schedules foreclosure auctions are up 120% and 73% respectively. A recent survey shows that 7 out the top 10 metropolitan area foreclosure rates were in California. San Jose was thankfully not among the top ten, but its foreclosure rates are still dramatically up from last year. The hardest hit metro cities in Northern California are Vallejo-Fairfield, Modesto, Merced, Stockton, and Sacramento.

A chapter 13 bankruptcy can help consumers stop a foreclosure on their home. The 5 year (60 month) restructuring plan allows debtors to repay any arrears on their home over 60 months, so long as the homeowner is able to make their current mortgage payment in addition to the monthly arrears repayment. The benefit of this type of repayment plan is that the arrears cease accruing interest and the stress of a pending foreclosure is lifted.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

A Roseville Bankruptcy Lawyer Discusses the Treasury Department’s Home Affordable Modification Program

In an effort to stem the rising wage of foreclosures across the United States, the Treasury Department introduced the Home Affordable Modification Program (HAMP) which is designed to give millions of homeowners who have loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance in order to achieve more affordable monthly payments. $75 billion has been put into the program in an attempt to prevent millions of Americans from facing foreclosure. Although the program has started the mortgage modification process for approximately 760,000 homeowners at risk, less than 5% of those have become permanent modifications.

Since the start of the recession in 2007, more than 5 million mortgages have been forced into foreclosure proceedings and analysts expect another 8 million to 13 million more to follow in the next five years. The Treasury’s goal is to help modify approximately 3 to 4 million mortgages in 3 years, but even this lofty goal is still far outpaced by the number of current foreclosures, not to mention those anticipated in coming years, especially if you take into account that only 1% of the Treasury’s goal has actually completed the process. One of the main problems is the slow pace of finalizing modifications that are in progress. The three month trial period for the modification process also factors into the low conversion rate.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento!

A Sacramento Bankruptcy Attorney speaks on homeowners and foreclosure...

A recent New York Times editorial I read in my Sacramento Bakruptcy Law Office commented on just how few people have benefited from the current administration's program to help families at risk of losing their home by lowering payments through loan modifications or refinancing loans. It was predicted that up to nine million families would benefit by the end of 2012, yet in 2009, only 66,465 loans were successfully modified, and through last November only 155,700 loans had been successfully refinanced. With an estimated 2.4 million borrowers expected to lose their homes in 2010, it doesn't appear that the current program, despite good intentions, is working. According to estimates on Economy.com, it would take 100,000 successful loan modification per month, to significantly counter the treat that 2.4 million foreclosures poses to the economy.

One of the biggest flaws of the current loan modification program, by reducing the interest rate on the loan, is of limited help to borrowers who owe more on their homes than they are worth. Instead, reducing the loan's principal balance is more helpful because it not only lowers monthly payments, it restores equity; and it has been found that having equity reduces the likelihood of default on a modified loan. Reducing the principal, however, is likely not something that most lenders would agree to; particularly if there is more than one loan on the residence. Treasury officials have stated that they continue to review the administrations anti-foreclosure effort and consider alternatives; hopefully more homeowners will see relief soon.

If your home is at risk of foreclosure, regardless of whether or not you are seeking to modify the loan, you may consider discussing your options with a bankruptcy attorney.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento!