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HARP Loan Modification and Bankruptcy

If you are working through a HARP or HARP 2.0 loan modification application, you will need to continue to keep an eye on any assigned sale date on your home. If you are facing foreclosure and looking to a HARP loan modification or any other type of loan modification to get your home out of foreclosure, you will need to make sure that your bank postpones your sale date until you can be evaluated for the loan modification. All loan modification applications are submitted through your mortgage bank, but not all loan modification departments will stop foreclosure proceedings in order to review your loan modification qualifications.

So, how can you make sure your home is not sold while you are applying for a loan modification? A bankruptcy will stop all foreclosure proceedings while you are under bankruptcy protection. Bankruptcy protection provides an automatic stay on your home so that you may continue to look for solutions to avoid foreclosure. If your home is in danger of foreclosure, do not assume that your mortgage bank will automatically postpone your trustee sale date just because you submitted a loan modification application. They may still have the sale date scheduled and your house can still be sold if this sale date is not managed properly.

Both Chapter 7 and Chapter 13 bankruptcy filings can stop foreclosure sales. Your purposes and qualifications for filing for bankruptcy will determine which chapter of bankruptcy will be the best fit for you. A bankruptcy is a legal proceeding that has built in legal guidelines that will stop a foreclosure sale while you are under bankruptcy protection. It has been proven to work time and time again to stop foreclosure sales and help clients with other unresolved debt issues.

Bankruptcy Law Professionals has been a top Riverside Bankruptcy law firm for several years and we continue to solidify our reputation as the most dependable and affordable bankruptcy law firm in the Inland Empire area. Bankruptcy Law Professionals also has offices in La Mirada and Tustin to serve our clients. If you are interested in making an appointment with us, please contact us at (855) 257-7671. We look forward to working with you.

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