Henderson Foreclosure Lawyer

Bankruptcy Can Stop a Foreclosure Sale in Nevada

In Nevada’s economy today, homes are being foreclosed at a higher rate.  The increased frequency of foreclosures in the Las Vegas Metro area has led to many looking for debt relief assistance.  Therefore, people unable to maintain the payments on their mortgages, go into default.  Sans an agreement reached regarding payment arrangements with the bank they will probably lose their home. 

Filing bankruptcy stops the foreclosure process.  It allows you time to catch up on the past due amounts and to deal with your other debts.  Whereas, once the bankruptcy is filed, an automatic stay stops a pending foreclosure sale on your house. Plus, it also stops any collection action on any additional debt.  Also, the automatic stay remains in effect until your Nevada bankruptcy case is completed or dismissed.

Henderson Foreclosure Lawyer, Foreclosures in Las Vegas, Nevada, Nevada Bankruptcy Lawyers.

Henderson Bankruptcy Attorney

One of the many ways our Henderson Foreclosure Lawyer can assist is by helping to save your home.  Nearly one out of every seven homes in Nevada remain vacant.  This housing problem impacts both first time homeowners and people seeking their dream retirement home.
 
Nevada needs assistance fighting foreclosure.  Our Henderson debt relief team can help both young and old with their foreclosures.  If you are facing foreclosure or fighting to keep current on your home, it is not too late to save your home.  Through a free debt evaluation with our Nevada Debt Relief Team it can be determined if a Chapter 7 Bankruptcy or a Ch 13 BK might be the better fit for your foreclosure assistance.
 
Nevada leads the way when it comes to number of foreclosures.  Though this is one of those things that a state doesn’t want to lead the way; it is the source of other problems for the good people of Henderson and all of Nevada.  Thus, many people in the Las Vegas Metro are in need of foreclosure assistance.
 
Your Nevada house is not just real estate, it’s your home, it’s the place you raise your family. If you are at risk of losing your home, it’s time to take action.  You should contact a Henderson bankruptcy lawyer to see what options are available to you.  A Henderson foreclosure attorney can help you make an informed decision, a decision that is best for you and your family.  When seeking foreclosure assistance in Nevada, always trust an experienced professional.
 
One of the best foreclosure options is to file a Chapter 13 bankruptcy. In a Chapter 13 bankruptcy you reorganize your debt allowing you to pay back the monies that you are behind on your home and prevents the creditor from foreclosing on your family home.  Additionally, you can strip a lien in a Chapter 13.   You can pay the arrears over a period of time in a Chapter 13 bankruptcy. (up to 5 years).

Let our Nevada foreclosure attorney help you get a fresh new start.

BANKRUPTCY and FORECLOSURE FAQs

ANSWER:

A foreclosure occurs when someone who financed their home misses too many mortgage payments. The lender will take back the house, sell it, and apply the proceeds to the balance of the loan. Any remaining balance is called a deficiency balance. State laws vary on whether a lender can continue to pursue a deficiency balance after a foreclosure sale.

CONTACT HENDERSON BANKRUPTCY ATTORNEYS

(702) 899-3328

ANSWER:

Both Chapter 7 and Chapter 13 activate an automatic stay of protection once the petition is filed. The Automatic Stay prevents your creditors from foreclosing your home, along with other methods of debt collection, while the case is active. However, the past-due balance of secured debts will need to be resolved before the case is closed if the filer doesn’t want their lender to proceed with foreclosure post-discharge. A Chapter 7 typically only lasts 3-5 months. Most filers will find it too difficult to keep current on their mortgage, catch up on the past-due payments, and also find the money to hire an attorney and file their case.

Chapter 13, on the other hand, works the past-due balance into the payment plan. Chapter 13 lasts 3-5 years, giving filers much more time to resolve the past-due balance. The monthly mortgage may be included, depending on which jurisdiction the case is filed in.

CONTACT HENDERSON BANKRUPTCY ATTORNEYS

(702) 899-3328

ANSWER:

The foreclosure sale can’t be held until at least 120 days from the Notice of Default and Election to Sell.

CONTACT HENDERSON BANKRUPTCY ATTORNEYS

(702) 899-3328

ANSWER:

Chapter 7 will delay a foreclosure for approximately 3-5 months if the case is discharged, or less if the case ends in dismissal. The filer will have the opportunity to catch up on their mortgage payments in that timespan, but those filing bankruptcy to avoid a foreclosure typically opt for Chapter 13.

CONTACT HENDERSON BANKRUPTCY ATTORNEYS

(702) 899-3328

ANSWER:

You will be able to keep your home in a Chapter 13 Bankruptcy as long as you remain current on both your plan payments and your monthly mortgage if it isn’t included in your plan.

CONTACT HENDERSON BANKRUPTCY ATTORNEYS

(702) 899-3328

ANSWER:

Most states require you to pay whoever bought your home the full balance they paid along with any other costs to redeem your home.

CONTACT HENDERSON BANKRUPTCY ATTORNEYS

(702) 899-3328

ANSWER:

It will be 2 years until you are eligible for FHA loans after bankruptcy.

CONTACT HENDERSON BANKRUPTCY ATTORNEYS

(702) 899-3328

ANSWER:

It isn’t too late to file bankruptcy to save your home until the sale has been completed. If it is the final hour, you should consider filing an emergency petition. You will only need basic income and identification information to file an emergency petition, as opposed to the vast array of documents you’ll need to file your standard petition. You will have 2 weeks after filing your emergency petition to submit the rest of your petition to the court.

CONTACT HENDERSON BANKRUPTCY ATTORNEYS

(702) 899-3328

ANSWER:

Unless you are only filing bankruptcy to avoid a deficiency balance, you should file bankruptcy before the foreclosure sale occurs.

CONTACT HENDERSON BANKRUPTCY ATTORNEYS

(702) 899-3328

ANSWER:

Military personnel are protected by the Servicemembers Civil Relief Act (SCRA). Lenders to servicemembers will have to have a court order or a waiver from the borrower to proceed with foreclosure. This is known as a judicial foreclosure. If the servicemember fails to attend their court date, the court will be unlikely to enter a default judgment against them. Servicemembers may also be able to delay foreclosure for up to 90 days.

CONTACT HENDERSON BANKRUPTCY ATTORNEYS

(702) 899-3328

ANSWER:

In most cases, the Automatic Stay will prevent from foreclosure until your case is completed. However, your lender may choose to file something called the Motion for Relief from the Automatic Stay. If the court grants this motion, the lender will be able to proceed with the foreclosure despite the Automatic Stay.

You should also know that filing bankruptcy multiple times can result in an “exploding stay.” If you file bankruptcy and your case is dismissed, you can still refile bankruptcy. However, if your second filing is within one year, your Automatic Stay will be limited to only 30 days. You can petition the court to extend the stay with good cause. If you file three times in one year, you will not receive the protections of the Automatic Stay at all.

CONTACT HENDERSON BANKRUPTCY ATTORNEYS

(702) 899-3328

How Chapter 13 Bankruptcy Can Help with Foreclosure

If you are facing a foreclosure, it’s likely that you are struggling with other debts as well. Chapter 13 will not only allow you to catch up on past-due mortgage payments, but vehicle payments as well. Chapter 13 can effectively stop a vehicle repossession in the same way it can stop a home foreclosure.

Chapter 13 will also include unsecured debts like medical bills and credit cards. These types may not have to be paid in full in your plan before discharge, depending on your income and other debts. Your payment plan will be calculated using the full balance on arrearages, a financed vehicle, your mortgage payment in some jurisdictions, fees to the trustee, your attorney’s fees if your attorney agrees to work them into the plan instead of taking them up front, and a portion of your unsecured debts.

What Happens to Renters in a Foreclosure

If you are renting and your landlord loses the property in a foreclosure sale, in most circumstances you will still be protected by your lease. As long as you are still paying rent, the new owner is more likely to continue accepting checks rather than evict you. They may also offer you a financial incentive to move after the foreclosure sale has been completed.

Rules on how renters are treated after a foreclosure sale vary by state. Additionally, there may be a clause in your lease stating you must move if the property is sold through foreclosure. You should review your lease and consult an attorney if your landlord is facing foreclosure.

Don’t Wait Too Long to Get Foreclosure Advice

As mentioned above, it is nearly impossible to get your home back after a foreclosure sale has occurred. For this reason, you should consult an attorney as soon as your receive a Notice of Foreclosure Sale, if not sooner. An attorney will be able to help you determine the best way to save your house, which chapters you qualify for, and estimate Chapter 13 monthly payments.

If cost is an issue, know that you can consult with an attorney free of charge. Our firm offers free consultations over the phone so you don’t even have to leave the house. Call to get started today!