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Foreclosure

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Paul Garay's picture
Submitted by pwg on Wed, 06/02/2010 - 7:14pm

A lot of clients come in worrying about their house being in danger of immediate foreclosure. Filing for bankruptcy at any time during the foreclosure process, you automatically pause this procedure and protect your home for a limited time. Here is a basic breakdown of the timeline of a typical foreclosure:

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Carl Gustafson's picture
Submitted by crg on Thu, 05/13/2010 - 2:33pm

For many borrowers, the choice of whether to file bankruptcy depends on a determination of whether a home-owner will be liable for debt on his home following foreclosure.

California has enacted a very strong law protecting home-owners from deficiency judgments following a foreclosure.  This is called the anti-deficiency statute or non-recourse statute.  It says, in sum, that borrowers who take:

   1. purchase money loans
   2. on an owner-occupied residence

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Carl Gustafson's picture
Submitted by crg on Thu, 05/13/2010 - 1:34pm

In my office I increasingly see clients come in for consultations after having completed a mortgage modification.  I wish that I saw it much more frequently.

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Carl Gustafson's picture
Submitted by crg on Thu, 04/01/2010 - 3:27pm

Frequently the best way to get out of an upside-down mortgage without bankruptcy is to short sale a house.

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The process of bankruptcy offers debtors a clean slate when they are overwhelmed by financial burdens. Once a bankruptcy case is completed, however, the debtor will still need basic possessions and assets to move their life forward. Fortunately, the Bankruptcy Code recognizes these basic needs and provides a variety of property exemptions for debtors. If property is exempt, it will not be subject to the seizure of creditors.