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

Don’t Let Wire Fraud Real Estate Scams at Closing Stress You Out: Here’s How You Can Avoid It

January 24, 2023 By Mark Mellor

For years you diligently save up to buy your first house. After months of searching through listings, you finally find your dream home and make an offer that gets accepted. Just days before closing, everything goes smoothly until you get an email from your "real estate agent" … Read More...

Do’s and Don’ts for Getting a Loan Modification and Is It the Right Option for You

January 18, 2023 By Mark Mellor

Are you struggling to pay your mortgage loan? If so, a loan modification may be an option for you. Loan modification can make your loan more affordable and help you avoid foreclosure. But before applying for a loan modification, it's important to understand what it is, and … Read More...

You’ve Been Involved in an Accident, What Now?: How to Find the Best Car Accident Attorney

January 3, 2023 By Mark Mellor

According to the Bureau of Transportation, around 13 car crashes occur every minute in the U.S. When an accident happens it's important to know what steps to take and how to protect your rights. The most important step you can take is to hire a qualified car accident attorney … 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

  • Don’t Let Wire Fraud Real Estate Scams at Closing Stress You Out: Here’s How You Can Avoid It
  • Do’s and Don’ts for Getting a Loan Modification and Is It the Right Option for You
  • You’ve Been Involved in an Accident, What Now?: How to Find the Best Car Accident Attorney
  • Top Types of Real Estate Scams in 2022 and What We Can Learn From Them

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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

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