Bankruptcy and Foreclosure

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Attorneys Helping Homeowners in Ventura and Los Angeles County

It is no secret that the status of the American economy has caused hardships across our great nation. Many individuals and families are now facing what once seemed the last thing they would have to contemplate, bankruptcy and foreclosure. For many people who have fallen seriously behind in their mortgage payments, Chapter 13 or Chapter 7 bankruptcy may be the debt relief option most likely to help them stop foreclosure and save their homes.

At the Ercolani Law Group, our mission is to enhance the quality of life for our clients by implementing carefully planned legal strategies. Every situation is different, so rather than urge you into a Chapter 7 or Chapter 13 bankruptcy, or some other solution that is the simplest choice, we’ll spend the necessary time with you to learn your situation inside and out and then advise you of the option that best suits your needs and goals. Often, we can work with you and devise a plan of action that includes loan modifications, business debt management, foreclosure help, or another option designed to help you build a better life and help save your credit rating.

Automatic Stay – Prevent Actions Against You and Your Property

Under the automatic stay, mortgages cannot initiate a foreclosure action and must cease all legal proceedings. In certain cases, however, a creditor may initiate a relief from stay to petition the court and the trustee to release a home or property from the automatic stay. In order to avoid having your property seized through a relief of stay, you require sound legal advice and guidance. By using a Chapter 13, you can cure mortgage defaults and reinstate a mortgage.

Preventing Foreclosure With Short Sales or Deeds in Lieu of Foreclosure

A short sale is a real estate transaction in which the mortgage lender agrees to accept a pre-agreed sale price as full repayment of the mortgage, even though the sale price is less than the outstanding balance of the mortgage. Short sales are valuable for homeowners whose mortgages are higher than their home values.

Preventing Foreclosure With Loan Modifications

You may be able to talk to your bank about a home loan modification. Several federal loan modification programs exist, including the Home Affordable Modification Program (also known as the Obama Plan). We may be able to negotiate on your behalf with your bank for a mortgage modification to reduce your interest rate, reduce the principal, or extend the term of the loan.

Know Your Options. Talk to a Lawyer Who Cares About Your Future

The first consultation is free at the Ercolani Law Group. This will give you a chance to get answers to your questions so you may make an informed, educated decision about your future. No matter what your decision — bankruptcy, settlement workout, foreclosure, and loan modification — we can help you end the financial struggle and get a fresh start.

Contact us today online or by phone at 805-338-6880 to schedule a free consultation.

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