The Mellor Law Firm, APLC

California Real Estate, Construction, Bankruptcy, Foreclosure and Business Litigation Lawyers

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Call: (951) 221-4744

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    • Real Estate Law
    • Construction Law
    • Foreclosures
    • Business Law
    • Chapter 7 Bankruptcy
    • Chapter 13 Bankruptcy
    • Contract Disputes
    • Insurance
    • Loan Modifications
    • Personal Injury & Wrongful Death
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Foreclosures

Riverside, California Foreclosure Attorney

If at all possible, it’s best to avoid foreclosure on your home. If you lose your home through foreclosure, your credit will be adversely affected and a record of it will appear on your credit report/FICO for 10 years. Additionally, it can take 4 to 6 years to obtain financing again through the Federal Home Loan Mortgage Corporation (Freddie Mac) or the Federal National Mortgage Association (Fannie Mae). Understanding the financial and legal issues involved in home foreclosure is essential in evaluating the options available to you. If you’ve fallen behind on your mortgage or are struggling to pay your monthly installment and other bills, contact our foreclosure help attorney at The Mellor Law Firm today.

Avoiding Foreclosure — Considering Your Options

Depending on your financial situation and the specifics of your mortgage, one of the following may be your best option for avoiding foreclosure:

  • Loan modification
  • Short sale
  • Chapter 13 bankruptcy
  • Lien stripping

Chapter 13 Bankruptcy and Foreclosure

People who don’t qualify for Chapter 7 bankruptcy usually have to file under Chapter 13. Unlike Chapter 7 bankruptcy which wipes out unsecured debt, Chapter 13 may require you to repay a percentage of what you owe over a 3- to 5-year period, depending upon your net monthly disposable income. You will be required to submit a repayment plan for approval by the court and your creditors.

As part of your repayment plan, you can include past-due mortgage payments and reduce other monthly bills into one manageable payment. Consequently, people who file Chapter 13 bankruptcy are often able to avoid foreclosure. Additionally, once you file for bankruptcy, an automatic stay is placed on any foreclosure or collection actions on the part of banks and creditors.

First and Second Mortgages and Foreclosures — Some Considerations

If you have a second mortgage on your home or you have taken out a home equity loan, certain considerations come into play if you decide to pursue a short sale in lieu of a foreclosure. In general, if you decide to work out a short sale with your lender, the bank can ask you to pay the difference between what you sold your house for and what you owed on your original mortgage.

However, if you have a second mortgage and aren’t protected by anti-deficiency provisions, the lender can pursue you for any losses it takes on your second mortgage. Depending on your situation, your second mortgage may be dischargeable in bankruptcy.

Contemplating Foreclosure? Contact The Mellor Law Firm

Regardless of whether you own residential or commercial property, foreclosure may not be your best option. For foreclosure help and information on alternatives, contact the bankruptcy attorney at The Mellor Law Firm today to schedule an appointment and learn how we can help you.

Call Us: 951-222-2100

Consultations available in-office or over
the phone. Speak to one of our leading attorneys in California today.

Recent News

Are You Dealing With a Breach of Contract?

May 17, 2022 By Denise Hansen

If you are a business owner, then you know that contracts are an important part of doing business. Contracts set the parameters for a deal and protect both parties involved. Unfortunately, contract disputes can happen. If you think you might be dealing with a breach of contract, … Read More...

5 Things to Look for in a Property Ownership Attorney

May 10, 2022 By Denise Hansen

If you're in the market for a property ownership attorney, it's important to know what to look for. Not all attorneys are created equal, and you'll want to make sure you choose one who is experienced, educated, reputable and responsive.  In this blog post, we will go over five … Read More...

How to Know When You Should File a Wrongful Death Suit

April 8, 2022 By admin

When you’ve lost someone close to you, the last thing you may want to think about is filing a lawsuit. However, in some cases, wrongful death suits can be the best way to get justice for your loved one and ensure that the responsible party is held accountable. What is a … Read More...

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Our Areas of Practice

  • Real Estate
  • Construction Law
  • Mechanic’s Lien – Stop Notice
  • Foreclosures
  • Business Law
  • Contract Disputes
  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Insurance
  • Lien Stripping Bankruptcy
  • Loan Modifications
  • Personal Injury & Wrongful Death
  • Property Ownership

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Practice Areas

  • Real Estate
  • Construction Law
  • Mechanic’s Lien – Stop Notice
  • Foreclosures
  • Business Law
  • Contract Disputes
  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Insurance
  • Lien Stripping Bankruptcy
  • Loan Modifications
  • Personal Injury & Wrongful Death
  • Property Ownership

Recent Posts

  • Are You Dealing With a Breach of Contract?
  • 5 Things to Look for in a Property Ownership Attorney
  • How to Know When You Should File a Wrongful Death Suit
  • Why Do You Need a Lawyer to Look Over Your Housing Contract?

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Contact our offices

The Mellor Law Firm, APLC
6800 Indiana Avenue, Suite 220
Riverside, CA 92506
Phone: (951) 221-4744
Fax: (951) 222-2122
10.0Mark Albert Mellor

The Mellor Law Firm, APLC © 2022. All Rights Reserved.