The prospect of losing your home is never an easy thing to bear. Whether you fell behind on mortgage payments due to overwhelming credit card debt, sudden unemployment, or an unexpected illness or injury, banks and other lenders are certain to demand payment. If you are unable to pay, they have the right to initiate the foreclosure process.

One way to obtain relief from foreclosure is to file for bankruptcy with an experienced attorney at the Law Offices of Terrence Fantauzzi. A bankruptcy case will trigger an immediate court order that halts all forms of debt collection. Terrence Fantauzzi, a Los Angeles foreclosure lawyer could help you remain in your home throughout the bankruptcy process.

Immediate Foreclosure Relief for Los Angeles Homeowners

Any person who takes out a mortgage must be aware of the implications of such an agreement. Borrowers are required to make regular payments to the lender in order to retain ownership of their property.

Because a mortgage is a type of loan, foreclosure is considered a form of debt collection. This means that bankruptcy courts have the authority to issue temporary stays on foreclosure efforts once a homeowner files for bankruptcy protection. Terrence Fantauzzi, a Los Angeles attorney could help homeowners seek immediate relief from foreclosure actions through bankruptcy.

How Bankruptcy Can Prevent a Foreclosure in the Long-Term

While simply filing for bankruptcy puts an immediate halt to all current and future foreclosure efforts it can also have long-term benefits. Chapter 13 bankruptcy could give homeowners a fresh start with a mortgage company or lender.

A Chapter 13 bankruptcy allows individuals and couples to retain most of their assets. Debtors in this program are placed on a payment plan. As long as debtors make the required payments, the court will maintain the prohibition on collection efforts. After the successful completion of the payment plan, the court will discharge most forms of debt.

During the bankruptcy process, debtors have the opportunity to renegotiate their current mortgage for a lower interest rate or monthly payment. Many lenders are willing to participate in renegotiation, as the legal process of foreclosure and reselling is time-consuming. Additionally, the lender would likely receive much less for the property than it is worth.

Contact a Los Angeles Foreclosure Attorney Today

The threat of foreclosure is terrifying for any homeowner. If a bank or another lender initiated legal proceedings to seize your home. It is essential that you be ready to fight back.

One option to prevent a foreclosure of a home is to file Chapter 13 bankruptcy. This will result in an immediate halt on all current foreclosure efforts and give you time to renegotiate the terms of your loan. Reach out to a Los Angeles foreclosure lawyer today at the Law Offices of Terrence Fantauzzi to schedule a consultation and learn more.

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    Law Office of Terrence Fantauzzi

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