Los Angeles, CA – Foreclosure attorneys from Consumer Action Law Group (CALG) have listened and answered 5 questions about foreclosure that people have asked for. There are many things that appear to be confusing and unclear about facing foreclosure, but once they understand how foreclosure works, getting through it won’t be as difficult.
Facing foreclosure is not something that homeowners are planning on going through, but it is something that most should be prepared to face. There are unforeseeable events that may occur that will negatively impact people’s financial status, such as getting into an accident, paying for medical bills, or outside forces that people can’t control (the housing market, economy, and etc). To help homeowners prepare for the worst, experienced attorneys at CALG have provided insight that will guide homeowners in a foreclosure position.
What Consumer Action Law Group Attorneys are Saying About Foreclosure
One question that comes up frequently is how one can postpone a foreclosure sale date. There are numerous ways a homeowner can extend the sale date, including: applying for a loan modification, filing for bankruptcy, or filing a lawsuit. In some cases, these options may even stop the foreclosure process.
Applying for a loan modification means asking the lender if the terms for the original mortgage can change. If both sides agree on a certain plan and the loan modification will fall through, the homeowner will be able to resume paying the mortgage without having to worry about foreclosure. However, Lauren Rode, one attorney at Consumer Action Law Group, warns, “be aware that applying for a loan modification does not mean that the bank will not foreclose.” This is to inform consumers that this option will not work 100% of the time and should not depend on it to stop foreclosure.
Another way attorneys at Consumer Action Law Group suggest to postpone a foreclosure sale date is to file bankruptcy. Once someone files for bankruptcy, the foreclosure process immediately stops, and it will take some time for the court to prepare it. The homeowner may have couple months during that time to decide keeping the home or giving it up. Going through with bankruptcy will allow the homeowner to keep the home and continue with the mortgage but with different payment plans. Deciding to give the home up means to go ahead with the foreclosure process.
Filing a lawsuit can also postpone or stop foreclosure. This is possible if the homeowner is facing a wrongful foreclosure. There are numerous ways the lender can practice wrongful foreclosure, such as engaging in dual tracking, sending foreclosure notices when the homeowner already applied for a loan modification, and giving misleading information about ways to save the home.
Company Name: Consumer Action Law Group of Panzarella, Gurevich & Rode, P.C.
Phone: (818) 254-8413
Address:3700 Eagle Rock Blvd
City: Los Angeles
Country: United States