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

When to Go to Court for Defective Construction

March 24, 2021 By admin

Defective construction is a deficiency in a building or other structure type. Construction defects can delay projects and cause extensive injuries. Instances of defective construction occur because of poor design, low-quality materials, and poor workmanship. If you believe you … Read More...

Common Types of Real Estate Fraud

March 24, 2021 By admin

Whether you decide to invest in a commercial or residential property, and whether the property is for personal use or you intend to be the landlord, you need to take the necessary precautions to safeguard yourself from becoming a victim of fraud. Accurate property information … Read More...

How an Expert Witness Can Help Your Case

March 11, 2021 By admin

When you’re going to court due to an accident or other mishap, you need an accident lawyer and at least one expert witness. Here is more information regarding expert witnesses and the role they play in a court case. What Is an Expert Witness? An expert witness is an … 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

  • When to Go to Court for Defective Construction
  • Common Types of Real Estate Fraud
  • How an Expert Witness Can Help Your Case
  • When Is a Lawsuit Worth It?

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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 © 2021. All Rights Reserved.