(Presseportal openBroadcast) - Los Angeles, California - Facing a foreclosure auction on your home or business property can be quite distressing, even for the most calm individuals. Ever since the economic recession, foreclosure auctions in Los Angeles have been very active. The prospect of losing a property in a foreclosure sale is frightening and many people don’t know how best to prevent the loss of their property. There are several strategies to stop a foreclosure auction.
The following are a few legal and non legal ways to prevent foreclosure auction on your property:
How to Stop a Foreclosure Auction Legally
File a Lawsuit
When a lender is pursuing foreclosure, you have the option to delay or stop the foreclosure by filing a lawsuit against them, which may allow you to stay in your home until the outcome of the suit. If the lender is violating California foreclosure laws, a lawsuit may be proper.
Declare Chapter 13 Bankruptcy
Declaring Chapter 13 bankruptcy allows you to restructure your debts and pay them over a period of three to five years while still living in your home. As long as you are making payments on your mortgage, the lender is not allowed to sell or foreclose on your property.
Non Legal Methods to Stop Foreclosure Action
One of the non legal ways to stop foreclosure auction is by negotiating with your lender for a modification on the terms of your mortgage. Ideally the modification should lead to a lower mortgage payment but may also work by extending the repayment period. The lender may choose to lower your interest rate, extend the term of your loan or reduce the principal amount. You do not need to hire a lawyer for a modification.
In a short sale, your mortgage lender will agree to accept a smaller payoff on your outstanding amount to allow you to sell off your home and avoid foreclosure auction. The short sale must be negotiated, and it is best to work with an experienced real estate agent that has a track record of closed short sales with your lender.
Deed in Lieu of foreclosure
As a last resort, if you are unable to sell your home via short sale, you may choose to surrender the title for your property to the lender, in return for a release from the obligation to pay the mortgage. A Deed in Lieu of foreclosure is an agreement that should be negotiated and/or reviewed by a lawyer.
When you are threatened with the loss of your property, making the correct decisions can be difficult as your ability to think reasonably is compromised by the stress you are under. Further, you might not have the legal knowledge to navigate through the court systems and come out triumphant in the end. If you have received a notice of default in Los Angeles or anywhere in California, it is best to procure the services of a qualified and experienced foreclosure attorney . A good foreclosure lawyer can help you renegotiate the terms of your mortgage with your lender, assist you to file lawsuits and bankruptcies, and advise you on the best alternatives to avoid foreclosure auction on your property.
About Consumer Action Law Group
Consumer Action Law Group is a law firm dedicated to help consumers in consumer-related matters or consumers that experienced fraud and scam. Attorneys in the team are knowledgeable and experienced in the areas of eliminating debt, mortgages fraud, auto fraud, and foreclosures. They have direct experience in consumer fraud matters and helping consumers who are facing financial crisis, foreclosure, issues with employers, and problems with auto dealers.
For Media Inquiries:
Contact Person: Lauren Rode, Esq.
Telephone: (818) 254-8413
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