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Foreclosures Attorney in Hayward
Buying a home is often the largest purchase local families will ever make. It remains a seminal part of the “American Dream” to stop paying rent and buy a house. However, as the past few years demonstrated, for a variety of reasons this dream can be shattered by financial troubles. After missing mortgage payments it is common for Hayward residents to find themselves facing foreclosure.
A home foreclosure can be the result of an underwater mortgage, a mortgage acceleration, or a major financial event, such as losing your job or having a medical emergency. These are things that can happen to any homeowner, even despite careful financial planning. If you are being threatened with an imminent home foreclosure, you may think that there is nothing you can do to stop or delay it. However, Hayward residents may want to consider filing for bankruptcy as an option.
Filing for bankruptcy in order to stop a home foreclosure is not the best choice for everyone. Hayward residents with secured debts in excess of $1,149,525 may be ineligible to file for Chapter 13 Bankruptcy. Likewise, if your home is worth far less than you owe on your mortgage, saving the home might not make sense. An experienced bankruptcy attorney in Hayward can help you decide whether filing for bankruptcy is a good option for you.
How Can Filing for Bankruptcy Stop or Delay a Home Foreclosure in Hayward?
Bankruptcy has several features that exist to protect people who are struggling with their debt. One of these tools is called the “automatic stay.” Regardless of whether you file for Chapter 7 Bankruptcy or Chapter 13 bankruptcy, the automatic stay takes effect immediately upon filing papers with the bankruptcy court. The purpose of the automatic stay is to protect a debtor from creditor actions while the bankruptcy is underway. Once the automatic stay is in effect, creditors – including a mortgage company – are prohibited from:
- Filing a lawsuit;
- Sending letters or making phone calls in an attempt to collect a debt;
- Repossessing collateral for a debt;
- Garnishing wages; and
- Initiating or continuing with foreclosure proceedings.
Chapter 13 Bankruptcy and Home Foreclosures
For Hayward residents who have income but are behind on mortgage payments, filing for Chapter 13 Bankruptcy may be able to entirely stave off a home foreclosure. In Chapter 13 Bankruptcy, a debtor makes monthly payments for a period of either three years or five years. At the end of Chapter 13 Bankruptcy, a debtor’s remaining unsecured debts are forgiven. Although a first mortgage is generally a secured debt, Chapter 13 Bankruptcy can give a debtor time to catch up on their mortgage payments, although they must be sure to continue to make their regular monthly payments in addition to any arrearages.
Contact an Experienced Hayward Bankruptcy Lawyer
If you are behind on your mortgage payments, the Law Offices of Melanie Tavare may be able to help stop or delay a home foreclosure. Contact us online or call us at 510-255-4646. It is important that you consult as soon as possible with a bankruptcy attorney who has the experience necessary to advise you about whether filing for bankruptcy is your best option.
The Law Offices of Melanie Tavare is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code
"Melanie is the best she very responsive and helpful throughout the process everything was taken care of smoothly. If you are thinking of going through bankruptcy she is the best attorney for you. I will forever be grateful having the chance to work with her. She is very honest too."
Sandhya.
"I can't thank Melanie enough for helping me through a challenging process and doing so with incredible knowledge, professionalism and tenacity! She went to great lengths to keep me informed, she responded quickly to my questions, and communicated in terms that I could understand. I highly recommend getting in touch with Melanie should you have the need."
Carrie.
"Choosing to work with Atty. Melanie has been one of the best decisions I've ever made. She was a very patient professional to work with and attentive while providing valuable solutions to all of my concerns. If you are searching for of an Attorney who is knowledgeable, transparent, and diligent - well that's Atty. Melanie."
Marwin.
"What I liked about working with Melanie was how prompt and easy to work with she was. She made the process clear and understandable with as little stress as possible. I would work with her again and recommend her to others."