Legal Question in Real Estate Law in California

Re: Foreclosure

You may stay the proceedings by filing bankruptcy. Other options may also be available. Call me directly at 16192223504

Re: Foreclosure

Filing bankruptcy will destroy your credit and only postpone the foreclosure by maybe a couple of months.

Advising you properly would require knowing your income, current credit rating, the amount and status of all loans on the property, how much net equity you have (if any) based on current market conditions, and whether the loans you have are "purchase money" or refinance loans.

Genrally, a purchase-money loan cannot be enforced against you personally. The lender's only recourse is to foreclose and accept whatever the foreclosure brings. The lender cannot seek a "deficiency judgment" against you.

So, you'd lose the property and your credit rating would be severely damaged, but you would not be in danger of being sued (or pursued) for any balance due the lender. Further, if the foreclosure produced more than enough to pay the liens and expenses of sale, the balance would go to you.

There are options besides allowing a foreclosure to occur, but anyone advising you would need the information described above. These include refinancing, giving the lender a "deed in lieu of foreclosure," and a few others. I suggest going to a large bookstore or on-line and buying a paperback self-help book (Nolo Press is one major publisher) on "how to fight foreclosure." Make sure it is based on California law.

Re: Foreclosure

We deeply empathize with your financial situation, and wish you nothing but the best with the outcome. There are several different legal options that can possibly help mitigate your unfortunate set of circumstances, however, it really all boils down to what exactly your "net worth" is per se after a confidential,legal review and evaluation. Bankruptcy may be the best option, stopping the foreclosure legally could be an option, etc...If you would like a free phone consultation, contact our Law Office directly today. We also work with investors and real estate developers who could be very interested in purchasing your property once we get more details. This is another, STRONG option in avoiding foreclosure. God Bless.

Re: Foreclosure

There are many, many options potentially available to you, which include Chapter 13 bankruptcy, short sale, listing sale, and transferring a deed in lieu of foreclosure. Which option you take depends on your wants, your projected income and the equity in your home. An option I do not recommend is transferring title to an investor who will give you a lease option to buy back after one year as these deals are usually scams. No matter what stage you are at in your foreclosure, I can usually do something to help you. Even if the house has already sold at the auction, I often can help people recover any money they may be enttiled to from the sale. Contact me to set up a consultation and we will see what I can do for you.