A Bankruptcy Lawyer Can Help Protect Your Home From Foreclosure
Afraid of potentially losing your home in a bankruptcy case? Rest assured that the founder of Law Offices of Danny K. Agai knows just what to do to help you avoid foreclosure. With more than a decade of experience helping clients file Chapter 13 bankruptcy, develop debt consolidation plans, and build budgeting skills for long-term financial success, attorney Danny Agai is the advocate you need to protect your assets and navigate debt. He firmly believes in helping clients maintain financial stability, and he will provide legal guidance in the foreclosure process and in financial planning matters to safeguard your future interests.
The firm is based in Valley Village, California, and serves clients in North Hollywood and throughout Los Angeles. You can schedule a free consultation by calling 818-867-3697.
Avoiding Foreclosure With Chapter 13
One concern you may have when faced with debt is what will happen to your property. Many stories circulate about individuals having to sell their homes, and this is certainly a reality in many situations, particularly if you file for Chapter 7 (liquidation) bankruptcy. However, you may be able to avoid foreclosure if you file Chapter 13.
A Chapter 13 repayment plan may allow you to save your home by:
- Repaying missed mortgage payments (mortgage arrears) over the course of the repayment plan
- Paying part of your unsecured debts during the plan and eliminating these other debts entirely when you complete your plan, freeing up some money to pay the mortgage
- Contesting the legality of the proposed foreclosure in the bankruptcy court
- Getting rid of liens on your home created by second and third mortgages, as long as they are unsecured by your home (insufficient to pay back any portion of the lien)
Mr. Agai can better explain each of the above options and discuss which are most appropriate for your unique situation.
Seeking Loan Modifications
Filing Chapter 13 can also give you time to obtain a loan modification, as the bankruptcy court will issue an “automatic stay” on foreclosure proceedings. Under the automatic stay, the lender cannot continue with the foreclosure, assuming you make your regular mortgage and bankruptcy plan payments.
Chapter 13 will give you a reprieve from foreclosure for at least several months, during which time you can continue to live in your home and propose a feasible repayment plan. Your home will be protected throughout the process, including during the confirmation hearing. In many cases, a borrower files Chapter 13 to stop a foreclosure while applying for a loan modification with the mortgage company.
If you are successful in obtaining a loan modification, you must present the modification to the bankruptcy judge for approval. You will then propose a new Chapter 13 payment plan that reflects this change to your mortgage and proceed to make your new mortgage payment under the new Chapter 13 plan until the end of the repayment term, after which your remaining debts will be discharged.
Discuss Your Foreclosure Prevention Options With An Attorney For Free
Mr. Agai and his team understand how important it is to keep your home in the midst of financial struggles. He is deeply knowledgeable about the foreclosure process and can look at your financial situation and help you file Chapter 13, if eligible, to save your home from foreclosure. He can also help you pursue loan modifications and other alternatives while the automatic stay is in place protecting your home.
This firm is a debt relief agency. Attorney Danny Agai helps people file for relief under the Bankruptcy Code.