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Foreclosure Sale and Bankruptcy

A foreclosure can be devastating to your and your family if you don’t have control of the situation and do not know what to expect from it. One thing that bankruptcy can do for you is to help you control the foreclosure situation. In a foreclosure situation, a bank may schedule a sale date for your property to be sold at auction. On the date and time specified in the foreclosure notice, your property will be sold at auction to the highest bidder. If no outside parties bid on the home during the auction, the bank will buy the property at the auction price. After the home is sold, the foreclosure trustee of the bank will start communicating eviction dates to you. It may take about 30 days to get you evicted from the home. For a large family, this accelerated schedule may be much too fast for you to pack your things, find a new place to live and get moved into your new living situation.

Bankruptcy protection will get you the time you need to assist with your financial hardship and loss of your home. The bankruptcy can postpone your foreclosure date up to the date of discharge of your bankruptcy which basically means the sale may be postponed all the way until your bankruptcy is completed. This process in most cases will take about 4 to 5 months due to current court processing time. In a time of financial hardship, a bankruptcy will stop these foreclosure proceedings because of your financial situation. Bankruptcy protection can allow you to postpone the date of the foreclosure sale for several months down the line. With this extra time, you can continue to negotiate with your mortgage bank for other solutions such as loan modification or short sale. Your bankruptcy protection will be providing more time for you to decide what your next steps will be. YOU get back in control of the process, take the time to lay out your options, and pave your path for you and your family’s future from there.

For more details on how bankruptcy can help you during this unprecedented real estate crisis, contact Bankruptcy Law Pros and schedule your appointment at any of our locations in Riverside, Tustin or La Mirada by calling 855 257-7671. We look forward to hearing from you.

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