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Stop Foreclosure On Your Home Personal injury lawyer

A foreclosure on a mortgage is a step that a lender to resort to when a consumer can not repay the mortgage loan. The lender on the property and prevent it sells to recoup their investment.

If you've fallen behind on your mortgage payments and are facing similar problems, it is time to assess your situation and take appropriate action necessary to stop the foreclosure that will result in you losing your home.

judicial and extrajudicial foreclosure

It 'important to understand the nuances of foreclosure. The process of exclusion is not the same in all states. There are two types of foreclosure - judicial and extrajudicial. The first requires a lawsuit filed by the creditor, which may take possession of the goods only after the suit was resolved in favor of the creditor. This process can take months to complete.

A non-judicial foreclosure on the other hand, is something that takes very little time to complete once a default on a mortgage is noted. The creditor must comply with a statutory requirement and files a foreclosure notice. After that, the whole process can be completed in less than thirty days.

Do not rely on your lender's advice

If you are behind in your mortgage payments, it would be unwise on your part to rely on his advice that the lender can give. What you should do is seek independent legal counsel and to present a bankruptcy petition if your situation calls for taking this step. Filing bankruptcy may stop the foreclosure proceedings against you and prevent you from losing your home.

By taking a power of attorney Las Vegas foreclosure lawyer you will be able to set up a repayment plan as part of a Chapter 13 bankruptcy. If you are able to make repayments, you are entitled to retain ownership.

Once there is a reorganization of the payments, you pay the agreed plan to the bankruptcy process, and make the repayments of a trustee - who in turn pay the lender.

When a lawyer files a bankruptcy petition on your behalf with your lender and serves adequate notice, the creditor is required by law to remove the details of your property, including one for the foreclosure sale provided for in the foreclosure docket and must comply with the Las Vegas chapter 13 bankruptcy repayment plan.

For example, suppose you have a period of six months, the delinquency of a $ 3,000 mortgage default. The court may make a three-to-five-year plan to pay $ 3,000.

In this way, you can keep your home.