In the counties of Riverside and San Bernardino, there have been 2,585 properties that were in a Notice of Default status at some point within the past 120 days. A Notice of Default is assigned to a property when a mortgage loan on the property is behind on payments for 90 days or more. This number is way down from the foreclosure crisis and Great Recession beginning in 2007, but it is still a significant number of people who may have had some type of shortage of funds to pay their home loans. If you are one of these people who are 90 days or more behind on your mortgage payment, there are a few ways that bankruptcy can help you.
A bankruptcy can postpone an impeding foreclosure on your property is a trustee sale date or foreclosure sale date is assigned to your property. A foreclosure sale date can be assigned after you are under a Notice of Default for 90 days. Both Chapter 13 or Chapter 7 bankruptcy filings can postpone foreclosure sale dates to give you more time in your home to prepare for a move or to find another solution to resolve your payment shortage.
A Chapter 13 bankruptcy can permanently stop any foreclosure proceedings from moving forward by paying back the past due debt in your home. If you had a temporary shortage of income which made it difficult for you to pay your mortgage, you can use a Chapter 13 to stop any foreclosure activities and catch back up on your mortgage so long as you qualify for the Chapter 13.
Contact Bankruptcy Law Professionals to find out if a Chapter 13 or Chapter 7 is a good solution for you to resolve your mortgage issues and any other debt issues you may be dealing with.
