Bankruptcy
Los Angeles Foreclosure Protection Lawyer
Rory and his team understand how much pressure the foreclosure process can put on you. And while no two cases are the same, when it comes to foreclosure protection you have a number of options. These include bankruptcy, mediation, loan modifications, and even a short sale of your home. Contact Vohwinkel Law today to learn more about all of these options.
Whether you are considering a declaration of either Chapter 7 or Chapter 13 bankruptcy, one important benefit is the effect it has on the foreclosure process. Once you file your Los Angeles bankruptcy petition, you are immediately protected by what’s known as the automatic stay. The automatic stay brings a halt to all debt collection efforts against you immediately. These protections extend to the foreclosure process. The stay will remain in place long enough for you to come up with a plan in your bankruptcy case to deal with your mortgage payments.
Personal Injury
Bankruptcy
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Small Business Bankruptcy
Loan Modification
Short Sale
Foreclosure Mediation
Foreclosure Protection
Bankruptcy
The good news is that there are several options available to help stop or slow down the foreclosure process. For many homeowners in Los Angeles who are struggling to keep up with their mortgage payments, even a little extra time can make all the difference. If you are facing the possibility of a Los Angeles foreclosure, attorney Rory Vohwinkel may be able to help you develop a plan to protect your home and your financial future.
Rory and his team understand how overwhelming and stressful the foreclosure process can be. While every situation is unique, there are a variety of legal options available for foreclosure protection. These include bankruptcy, loan modification, mediation, and even a short sale of your home. Contact Vohwinkel Law today to learn more about which option might work best for your situation.
If you are considering filing for either Chapter 7 or Chapter 13 bankruptcy, one major benefit is the immediate protection it offers against foreclosure. As soon as you file your Los Angeles bankruptcy petition, the automatic stay goes into effect—this legal protection stops all collection efforts against you, including foreclosure proceedings. The automatic stay remains in place while you work with the court to create a plan for managing your mortgage payments and other debts.
Foreclosure Mediation
Since 2015, the United States Bankruptcy Courts in California have offered a Mortgage Modification Mediation Program. The foreclosure mediation process allows homeowners to pause the foreclosure process while pursuing alternative ways to resolve mortgage disputes. Through mediation, you and your mortgage lender meet with experienced mediators who help guide discussions toward a mutually beneficial agreement—often one that allows you to stay in your home and fulfill your financial obligations.
The Mortgage Modification Mediation Program is available to anyone who has filed for protection under Chapter 13 bankruptcy. It can also be applied to cases involving real estate, such as residential homes or commercial properties. For many Los Angeles homeowners, mediation is an attractive option because it offers more flexibility than a formal court process and is far less costly than going through a foreclosure trial.
During mediation, a neutral mediator helps explore all possible solutions, including loan modifications, short sales, or deeds in lieu of foreclosure.
Going into mediation fully prepared is essential—and that’s where Vohwinkel Law can make a difference. With extensive experience handling foreclosure and bankruptcy cases throughout Los Angeles and Southern California, our team can help you approach mediation strategically and increase your chances of reaching a positive outcome.
Loan Modification
A loan modification can be a powerful tool in stopping foreclosure. While loan modifications are common during bankruptcies, it is possible to work out a modification outside of the bankruptcy process as well.
A loan modification is aptly named, it is simply an agreement among the parties to change the terms of your loan. This can often include lowering an interest rate or monthly payment. It can also include changing other material terms that have caused you hardship. Some of the most common parts of loans that are modified include:
- Lower monthly payment
- Lower interest rate
- Adjustable interest rate converted to a fixed interest rate
- Extended time before payment is due
- Reduction in the amount of the loan
- Waiver of fees
- Second mortgage negotiated or eliminated
If you’re struggling to keep up with your mortgage in Los Angeles, a loan modification could help you stay in your home while making your payments more manageable.
Short Sale
As we mentioned above, in many cases it is possible to come out of a foreclosure owing a large deficiency balance. That puts you in the unenviable position of paying for a home you no longer own. However, in some cases, your lender will agree to what is known as a short sale. In a short sale, your lender will agree to buy back your home despite it being worth less than your mortgage debt.
While you wouldn’t profit from the sale, you also won’t wind up with a deficiency judgment against you either. Some lenders are willing to enter into short sale agreements to avoid the lengthy and costly foreclosure process. A short sale can benefit you not only by helping you avoid a deficiency but also protect your credit by keeping a foreclosure off your record.
It is important to note that there are drawbacks to a short sale. While a short sale will allow you to avoid foreclosure, a short sale can still have a negative impact on your credit. Many Los Angeles sellers also have strict guidelines when selecting short sale candidates, so it may not be an option for you to begin with.
What Our Clients Say About Us
Discuss Your Options With A Los Angeles Foreclosure Protection Attorney
At Vohwinkel Law, our Los Angeles foreclosure protection attorney is ready to help you explore every option to save your home. Whether through bankruptcy filing, foreclosure mediation, loan modification, or short sale, we provide the legal guidance and legal representation you need during this challenging time. Contact us today for a free consultation to discuss your foreclosure defense options. Our experienced team serves clients throughout Los Angeles County with compassionate, professional support.
Other Services
Our Areas We Serve