Riverside Foreclosure Defense Lawyer

We Have The Knowledge & Resources to Save Your Home

At The Kostopoulos Bankruptcy Law, our compassionate legal team understands that the possibility of losing your home to foreclosure can be frightening if you are currently dealing with financial complications. In addition to being your refuge and sanctuary, your home is also a substantial investment. That is why we are here to provide you with immediate legal counsel and trusted relief if you have accumulated high amounts of debt and missed mortgage payments.

We know that foreclosure is a terrifying experience and that no one wants to see the home they worked so hard for be put up for auction. If you are at risk of losing your home, then please reach out to The Kostopoulos Bankruptcy Law immediately so we can review your options and answer all of your questions regarding foreclosure defense.

When Does the Foreclosure Process Begin?

Your lender can start the foreclosure process if you have been late on multiple mortgage payments. During the foreclosure process, the lender takes the property and sells it at auction to pay off the remainder of the loan. Although foreclosure does not happen immediately after one missed payment, the bank or lender can quickly seize the property to sell and force the occupants out.

If you have recently received a notice of eviction or foreclosure, then contact our Riverside foreclosure defense lawyers right away so we can provide you with the information you need to protect your home and save your investment.

Using Bankruptcy to Stop Foreclosure

Bankruptcy is a legal process that can help individuals and businesses struggling with overwhelming debt to obtain a fresh financial start. One possible solution to protect your home from foreclosure is filing for Chapter 7 or Chapter 13 bankruptcy.

Chapter 7 Bankruptcy

This type of bankruptcy involves the liquidation of non-exempt assets to repay creditors. Filing for Chapter 7 bankruptcy may temporarily halt foreclosure proceedings through an automatic stay. Even if you have already received an eviction notice, you can remain in your home if you are issued an automatic stay. The lender or bank will have to lift the stay in order to resume foreclosure, but filing a bankruptcy petition can give you enough time to regain control of some of your finances. However, it’s important to note that Chapter 7 does not offer a long-term solution to save your home from foreclosure unless you can bring your mortgage payments current.

Chapter 13 Bankruptcy

This type of bankruptcy allows individuals to create a repayment plan to catch up on their debts over a period of three to five years. If you’re facing foreclosure, Chapter 13 can potentially provide a way to save your home by including your missed mortgage payments in the repayment plan. It’s essential to consult with a bankruptcy attorney to determine if Chapter 13 is a viable option for you.

Other Foreclosure Defense Options

Aside from bankruptcy, homeowners also have the following options if they are facing foreclosure:

  • Loan Modification: You can work with your mortgage lender to modify the terms of your loan to make it more affordable. This may involve reducing the interest rate, extending the loan term, or adding missed payments to the end of the loan. A loan modification can help you catch up on missed payments and avoid foreclosure.
  • Forbearance Agreement: If you’re facing temporary financial difficulties, you may be able to negotiate a forbearance agreement with your lender. This agreement allows you to temporarily suspend or reduce your mortgage payments for a specific period. However, you’ll need to make up the missed payments later.
  • Short Sale: In a short sale, you sell your home for less than the outstanding mortgage balance with the approval of the lender. This option can help you avoid foreclosure and minimize the impact on your credit score. However, it’s important to note that short sales can have tax and financial implications, so consulting with a forclosure defense attorney and a tax professional is advisable.
  • Deed in Lieu of Foreclosure: This involves voluntarily transferring the ownership of your property to the lender to avoid foreclosure. In exchange, the lender forgives the remaining mortgage debt. Similar to a short sale, a deed in lieu of foreclosure may have financial and tax consequences.
  • Foreclosure Mediation: Some states, including California, offer foreclosure mediation programs. Mediation provides an opportunity for you to negotiate with your lender and potentially reach a resolution to prevent foreclosure. A foreclosure defense attorney in Riverside can guide you through this process and represent your interests during mediation.

Request Your Case Consultation Today to Discuss Your Concerns

If you have been served an eviction notice or you know that you might soon be facing foreclosure, then please speak to our experienced foreclosure defense lawyers in Riverside at The Kostopoulos Bankruptcy Law so we can review your unique circumstance and discuss which options are the most suitable for you. Our firm has successfully represented more than 8,000 bankruptcy clients, and we possess the extensive legal resources you need to advocate for your rights.

Contact a Riverside foreclosure defense lawyer from our team today at (877) 969-7482 or complete our online form to set up a case consultation.