A San Jose bankruptcy attorney discusses this question: Can Bankruptcy Help Me Save My Home?

Typically, yes, Bankruptcy can stop a foreclosure sale. In addition filing bankruptcy allows the borrower to make up missed mortgage payments.

For example, filing a Chapter 13 bankruptcy allows the filer approximately 3-5 years to become current with their amount in arrears. Arrears are the past due mortgage payments that the borrower was unable to make on time. What that means in terms of saving the home is that as long as the borrower can make payments on the current mortgage payments due as well as pay an extra amount to make up for the amount in arrears, their home will not be sold.

Ideally, at the end of time period, the Chapter 13 bankruptcy filer will emerge current on their mortgage and exit bankruptcy with the threat of foreclosure behind them.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose 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, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California 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.

A San Jose bankruptcy attorney defines balloon payment.

A balloon payment is a lump sum that the debtor agrees to pay, in the future, typically at the end of a loan. If the balloon payment has been agreed upon between, say, a borrower and a lender, then the balloon payment is usually due after a designated time period that is also mutually agreed upon.

In regards to a mortgage, a balloon payment is most commonly used in a commercial mortgage and sometimes used in a residential mortgage. In a residential mortgage, the balloon payment is due at the of the mortgage and, if not paid, will mostly likely result in default, and even foreclosure.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose 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, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California 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.

A San Jose bankruptcy attorneyexplains: What is the Lender’s Role in Foreclosure?

A lender in a foreclosure is the entity holding a borrower’s mortgage loan and will most times want to foreclose on a property to protect its own interest. If the borrower falls behind on payments, a foreclosure sale will sometimes allow the lender to recoup some of the credit that they extended to the borrower.

The lender is obliged by law to inform the borrower of their intent to conduct a foreclosure sale on the property. The lender’s role in the foreclosure is to track your timely payments on your mortgage, and contact you should you fall behind. The lender involved in the foreclosure will have the information on what is due in order to stop the foreclosure process. If you receive a foreclosure notice from your lender (or someone acting on your lender's behalf), you should call your lender right away. The longer you wait, the more your options diminish and the closer you get to losing your home.

The further along the foreclosure goes; the lender will also be the person to inform you of the pending sale date. They will do this themselves or, more typically, through a trustee.

Sagaria Law is available should you decide to seek legal counsel with regard to a foreclosure notice or a foreclosure that is just days away – call us now…chances are we can help you save your home from foreclosure!

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose 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, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California 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.

A San Jose bankruptcy attorney helps the consumer that has received a foreclosure notice.

If you, someone in your family, or someone you know receives a foreclosure notice, it should not be ignored. Even if it is overwhelming, scary and hard to comprehend (which it understandably is for most who receive a foreclosure notice), ignoring it is the worst thing you can do.

The first thing you should do is contact your lender immediately. If you do not know how to contact your lender, you can contact a housing counselor by phone or internet, such as HUD (Housing and Urban Development) by clicking: here or calling the HUD Housing Counseling and Referral line: 800-569-4287. A housing counseling agency can assist you finding the lender or the mortgage company holding your loan. They also provide many other resources and are a good source if you have or are in danger of receiving a foreclosure notice.

Lastly, if you are unsuccessful at calling your lender, finding your lender, or reaching a mutually agreeable decision with your lender, calling an experienced attorney is highly advised. You have options, including a forbearance agreement, a short sale or filing bankruptcy.

Just don’t let the choice you make be to wait or ignore your foreclosure notice. Remember: You are not alone!

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose 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, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California 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.

A San Jose bankruptcy attorney answers: What is a forbearance agreement?

When a borrower is behind on their mortgage and seeks a forbearance agreement, the forbearance agreement includes the new terms under which the two parties (typically the borrower and the lender) agree upon with regard to the borrower’s obligation to pay. The terms in the forbearance agreement refer to the mortgage amount that has been either been reduced by amount (temporarily, typically with the reduced amount attached at the end of the loan period); suspended for an amount of time, or sometimes the payment terms have been extended. Typically a forbearance agreement is reached at the request of the borrower in order to avoid a foreclosure sale on the property for which they owe the back debt.

Sometimes forbearance agreements are reached between a student/former student and the loaning institution that funded their school loan(s). In this instance the forbearance agreement typically states that the borrower is not obligated to pay the student loan off until they have either completed or discontinued their education, or for a pre-determined time period thereafter. The amount owed may include interest that accrues over time.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose 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, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California 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.

This afternoon, I appeared at a Section 341 meeting of creditors hearing with a married couple who I represent in a Chapter 13 case.  One of the questions asked by the trustee had to do with mortgage payments – specifically, were the debtors current with their post-petition mortgage loan payments.  In the Northern District of [...]