When homeowners face foreclosure, they will require the services of a foreclosure attorney and file bankruptcy or a lawsuit to save their homes. In California, a lot of homeowners often face foreclosures which have led to them losing their houses and investments. Thankfully, the foreclosure rates have improved over the years, yet the threat of losing one’s home still exists. There are still some legal steps you need to take to secure your investment and stop foreclosure.
Undoubtedly, filing bankruptcy helps homeowners stop foreclosure fast. And there are two types of bankruptcy you can choose to stop foreclosure. One is the Chapter 13 bankruptcy, and the other is the chapter 7 bankruptcy. However, before you choose the type of bankruptcy you want to file, it is advisable that you talk with an experienced attorney first. They will help you to thoroughly analyze the situation at hand and choose the best option that suits your condition.
Types Of Bankruptcy
Chapter 7 bankruptcy
Chapter 13 bankruptcy
How The Bill Of Rights Protects Homeowners
The California Homeowner Bill of Rights helps to protect homeowners from unlawful practices from their lenders. It encourages fair borrowing and lending practices. With this act in place, mortgage lenders cannot deceive their borrowers in any way because they are checked for modification.
As a homeowner facing foreclosure, you should make the right decision and act quickly to save your home. You can stop foreclosures by filing a chapter 7 or 13 bankruptcy or filing a lawsuit against the lender. It is also in your best interest to work with a lawyer that is compassionate, patient, and understanding to help you devise the best solution. By taking legal actions, home foreclosure rates in California can continue to improve.