Legal Question in Real Estate Law in California

Re: Please advice me!

A Chapter 13 bankruptcy filing will halt the sale and possibly give you some breathing room. Do not pay money to shady characters and bottom feeders offering to help you, only lawyers are authorized to do so. Do not trust the bank, especially any representations made to you that aren't in writing. Deal with the bank only by certified mail return receipt requested. They will still be asking you to fill out forms when they auction your home. Finally, be very careful which attorney you hire. Ask for references. A pretty web site does not equate to a reputable attorney or law firm with specific experience in loan modifications.

Re: Please advice me!

That letter will not stop foreclosure. There are only three events that will stop or delay the foreclosure. 1 - if you cure the arrearages, foreclosure fees and costs and accrued interest during the time frame in which you may redeem the property, you can avoid foreclosure. 2 - if you file bankruptcy, you may be able to save the home through a chapter 13 plan, or can at least delay the foreclosure. 3 - if you can get a properly submitted request for loan modification assigned to a negotiator, you MIGHT delay foreclosure while they consider your request. That later point is one which not all lender's practice - some lenders keep going forward with the foreclosure regardless of what stage you are in with a loan modification request. At this late stage and with a denial already on file, you need to look at bankruptcy and/or is it prudent for you to retain the home.

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