A foreclosure proceeding is different than most other types of litigation. In its simplest form, a foreclosure proceeding is comprised of several distinct steps that result in an order being entered in State Court permitting your lender to sell your property. While the process can generally take several months to complete, if you ignore the summons and complaint when it’s service, you could lose valuable rights that you cannot get back.
Let’s face the facts. By now you are a number of months behind on your mortgage. You may even have tried to modify your mortgage and have been unsuccessful. In addition, you may be behind on your other obligations as well, including credit cards, medical and/or utility bills.
Now is the time to look at your overall financial situation – not just the immediate problem at hand, and seek the assistance of an experienced professional.
If you have fallen into your present situation because of a temporary financial setback, and you now believe that you have the ability to begin to catch up, the bankruptcy laws may be able to assist you. If you have owned your property for an extended period, or have substantial equity that you want to protect, the filing of a Chapter 13 bankruptcy petition can provide you with the immediate protection of your assets as well as the opportunity to catch up on you debts within a 3 to 5 year period. However, it is important to speak with an attorney to determine if filing for bankruptcy is the best option for your unique situation.
While things in California may be looking brighter, foreclosure activity is still high across the nation. If you have received a foreclosure notice already or if you have just begun to fall back on your loan payments, turn to a foreclosure attorney right away to schedule a consultation and protect your rights as a homeowner.
An attorney with the Bonnici Law Group will review your financial status to determine a viable plan that will prevent the seizure of your home.
Contact an attorney at the Bonnici Law Group today to get started on your case and save your property from bank repossession.