Stopping Foreclosure in Roseville
If you’re facing foreclosure in Roseville you’re not alone. Many real estate markets experienced a dramatic increase in foreclosures and bank owned homes during the recent housing recession, but few areas were hit as hard as Roseville. The incredible rise in housing prices during the bubble fell steeply during the housing recession leaving many residents saddled with outrageous mortgages. For those residents owing $800,000 on a home only worth $600,000 the ability to declare chapter 7 bankruptcy and walk away from the home was attractive. However, with housing prices rebounding those individuals who held out but who are now slightly behind on their payments may want to save their home from foreclosure. In essence, with Roseville housing prices increasing the ability to save ones home from foreclosure may hold the benefit of realizing future equity. To save their home from foreclosure these residents will file chapter 13 bankruptcy.
Chapter 13 Bankruptcy Can Save Your Home From Foreclosure
Chapter 13 bankruptcy allows homeowners to stop the foreclosure process and repay their late mortgage payments over several years. Once the late payments have been repaid and the default cured the home owner can keep their home and enjoy future appreciation. This ability to save a home in chapter 13 bankruptcy is in stark contrast to chapter 7 bankruptcy. In chapter 7 bankruptcy late mortgage payments are not repaid; therefore, the home owner remains in default. As a result, the lender is eventually able to continue foreclosure and liquidate the home.
The First Step
If you’re behind on your mortgage payments it’s time to contact a chapter 13 bankruptcy attorney in Roseville, CA. By seeking help early on you can get ahead of the foreclosure process and file a complete chapter 13 repayment plan with the bankruptcy court. The repayment plan will force your lender to accept late mortgage payments over three to five years. Once the repayment plan is satisfied you will not longer be in default on your home loan. In essence, you will have saved your home from foreclosure by participating in the chapter 13 bankruptcy process.