How To Stop Foreclosure in Roseville

If you're facing foreclosure in Roseville CA you're not alone. At the peak of Roseville's real estate market home prices were inflated and mortgages easy to secure. Real estate agents sold overpriced homes to highly leveraged buyers. When the Roseville real estate bubble burst many homeowners were highly leveraged. As the economy declined some of these highly leveraged individuals experienced a disruption in income through no fault of their own. With less money these individuals incurred greater debt and fell behind on their massive mortgage payments. As a result, foreclosure greeted many of these homeowners. If you're facing foreclosure in Roseville you have some options. If you don't want to keep the home, but do want to eliminate your liability for the mortgage, chapter 7 bankruptcy can be the right solution. When you file chapter 7 bankruptcy the foreclosure process will temporarily be halted. However, the lender will eventually (normally after a few months) be able to resume foreclosure and sell the house. Fortunately, if they sell the house for less than you owe you will not be liable for the deficiency. In brief, your chapter 7 bankruptcy will have discharged your liability for the mortgage debt. Therefore, you can walk away from the house free and clear. If you want to keep your home you will need to file chapter 13 bankruptcy. After hiring a Roseville chapter 13 bankruptcy attorney you will propose a repayment plan to the court in which you will repay your late mortgage payments over 3 to 5 years. Once you have made all these payments you will no longer be in default and can keep your home after bankruptcy. In so many words, chapter 13 bankruptcy allows you to catch up on your payments while you keep your home. Hence, if you need to stop foreclosure in Roseville but want to keep your home you should file chapter 13 bankruptcy.

Foreclosure Defense Strategies in Sacramento

Show me the note!

Many online bloggers instruct homeowners in default to adopt the "show me the note" defense when facing foreclosure.  In essence, the homeowner is supposed to demand that the lender produce the original promissory note to evidence their right to pursue foreclosure in the event of default.  As mortgages are bought, bundled, and sold in the secondary market this tactic is designed to exploit this vulnerability of securitization.  However, courts have routinely held that non-judicial foreclosure can proceed without the lender producing the original promissory note.  As a result, the "show me the note" defense has become something of a pipe-dream among buyers in default.

So, what's the answer?

File chapter 13 bankruptcy.

Chapter 13 bankruptcy is a powerful tool in foreclosure defense.  In chapter 13 bankruptcy you can force your lender to accept your repayment terms while you keep your home.  In brief, you will repay your late mortgage payments over several years, and in exchange you will get to keep your home.