Fresno Foreclosure Defense Lawyers

If you have defaulted on your mortgage debt, you may be at risk of having your home repossessed by the lender so that it can be sold off for repayment. This process is known as home foreclosure. If you have received notice that your home is being foreclosed upon, you may have options for putting a stop to this action.

There are various Fresno foreclosure defense tactics that individuals can use. The bankruptcy process is one, but there are other strategies to consider. Arnold Law Group, APC, can help you explore your options and come up with the right action plan.

Contact our office by calling (559) 900-1263 or by using our online contact form today.

Strategies to Stop Foreclosure

It’s understandable that property owners may prefer to avoid bankruptcy if possible. Any of these approaches can be considered as an option when facing foreclosure: 

• Loan Modification: A loan modification involves modifying the terms of your existing mortgage to make it more affordable. This can include reducing the interest rate, extending the loan term, or adding missed payments to the end of the loan term. 
• Mortgage Repayment Plan: This involves creating a new payment schedule that allows you to catch up on missed payments over a specified period. By adhering to the agreed-upon plan, you can gradually bring your mortgage current.
• Short Refinance: A short refinance involves refinancing your mortgage for a lower amount with better terms. This option is typically available to homeowners who owe more on their mortgage than the current market value of their property. By negotiating a reduced principal balance and lower interest rate, homeowners can lower their monthly payments and make them more affordable.
• Refinance with a Hard Money Loan: If you are unable to qualify for traditional refinancing, a hard money loan could be an option. Hard money loans are typically provided by private investors or companies and have higher interest rates and shorter terms. While this may not be a good long-term solution, it can provide temporary relief and buy needed time to improve your financial situation.
• Short Sale: A short sale involves selling your home for less than the outstanding mortgage balance with the lender's approval. This option requires negotiation with the lender, as they must agree to accept the proceeds from the sale as full satisfaction of the debt. While a short sale can result in the loss of your home, it can help you avoid foreclosure and minimize the impact on your credit.
• Deed in Lieu: When a homeowner would rather give up the home than have it foreclosed upon, he or she may choose to carry out the "deed in lieu" process. This occurs when the homeowner voluntarily hands the deed of the property over to the lender on the condition that the homeowner will no longer have the mortgage debt in their name.
• Public Assistance: Government programs and initiatives may be available to assist homeowners facing foreclosure, especially during times of economic hardship. It is worthwhile to explore resources offered by institutions like HUD, the Consumer Financial Protection Bureau, and other relevant authorities to find additional support and guidance.

Our experienced Fresno foreclosure defense attorneys can help you understand your options with all of these possibilities. Call us today at (559) 900-1263.

How Filing for Bankruptcy Can Stop Foreclosure

Once you file for bankruptcy, most creditors will be legally required to stop carrying out collections efforts against you while you are still in the bankruptcy process. This means that even your foreclosure proceedings must be placed on hold and is called an “automatic stay.” The stay lasts until the bankruptcy process is completed. 

Bankruptcy proceedings can be assumed to last several months for Chapter 7 bankruptcy or 3-to-5 years for Chapter 13 bankruptcy. The length of time it takes creditors to recoup their money in bankruptcy is a big reason why they may be amenable to any of the debt relief options discussed above. 

Fresno Foreclosure Defense Lawyers Who Understand the Law

The team at Arnold Law Group, APC, has worked through more than our share of bankruptcy cases. We understand that what might help one person could end up damaging someone else who is under different foreclosure circumstances. Taking proactive steps and seeking assistance early on can increase the likelihood of finding a viable solution to avoid foreclosure and protect your home.

Contact Arnold Law Group, APC, today at (559) 900-1263 and take advantage of our free case evaluations.