Bank Foreclosure - Five Facts
When you are facing the possibility of foreclosure, it is important to know a few basic facts about the process. This will help you maneuver through the system and save your home.
1. A bank foreclosure is always in the best interest of the loan servicing company. Most banks use servicing companies to collect payments on the mortgages they issue. These companies do not like to approve modifications because it reduces the amount of revenue they generate each month.
2. Loan modifications are not a guarantee. There are many qualifications for obtaining a loan modification, and more applicants are denied than approved.
3. Short sales only work when you find an interested buyer and the bank approves the sale. You can still enter into a bank foreclosure during the sale process. Even if approved, you must give up your home.
4. New legislation that has been passed encouraging banks to be more lenient and work with consumers to save their homes are suggestions, not laws. The government cannot prevent a foreclosure from happening.
5. Bankruptcy is a viable way to restructure your debt and keep your home. During a bankruptcy you will be safe from eviction and collection harassment while the court reorganizes your debts.
If you have a question regarding Foreclosure in California please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
