Los Angeles Foreclosure Attorneys

Are you battling with foreclosure, auction date or notice of sale; or probably you can’t seem to keep up with your mortgage payments? Let us help you prevent your home from Foreclosure.

Our Los Angeles Foreclosure attorney will help you with your foreclosure case. We can help you with a loan modification. We will help you get a modification on your mortgage from your lenders.

When you called, we will give the best advice on how to stop foreclosure, and we will help you stop foreclosure on your property for you to continue living in your home.

When you as a homeowner is unable to pay your mortgage as of when due, this will lead to foreclosure.

More specifically, it’s a legal process by which the owner forfeits all rights to the property.

Foreclosure is a legal process through which landowners lose all rights to their property because they are not able to meet up with their mortgage.

The property goes to foreclosure auction when the homeowners are unable to pay their outstanding mortgage or sell the property via short sale.

If your lenders are not able to sell the house in the sale auction, they will take over the property.

The Foreclosure Process

For those that are falling behind on their mortgage payment, battling foreclosure or in foreclosure because of financial hardship like divorce, unemployment and so on, it’s very important for you to understand the foreclosure process; the law concerning foreclosure, how to avoid foreclosure, consequences of foreclosure and legal loopholes.

To fully understand all these, you need a knowledgeable attorney with years of experience in handling foreclosure cases.

Are you wondering about the steps involved in a foreclosure case? Generally, foreclosure can be categorised into five stages:

1. Missed Payments: Foreclosures always start with the landowners, when the borrower (landowner) is unable to pay its timely mortgage payments.
There are many reasons why a borrower might miss a payment, the majority of the time is due to hardship caused by; divorce, loss of job, medical challenge, or death.
If you ever find yourself in this situation, it is advisable for you to explore other possible alternatives as soon as possible to avoid foreclosure.
The whole foreclosure process does cost the lenders a lot of money, if possible they will want to explore other reasonable alternatives to avoid foreclosure.
In some situation, the borrower might intentionally cease paying the debt because the amount of the mortgage is greater than the value for the house or because of he his tired of the house.
The main point that brings about foreclosure is that the borrower is unable to meet the terms of the loan.

2. Public Notice: The second step after missing payments is Public Notice. If the lender missed paying its mortgage for three to six consecutive months, then the lender will file a complaint with the County Recorder’s office, to let them know that the borrower has been defaulting on its mortgage.
It is called a NOD (Notice of Default) in most states while in others it is called “lis pendens” a Latin word meaning “suit pending”.
After the County Recorder’s office is informed, an official notice will be provided to make the borrower aware that they are in danger of losing their property, if they continue missing their mortgage payments.
In some cases, the public notice will be posted on the borrowers’ front door to let them know they will soon be evicted from their home if they don’t pay up.
At this stage, they are in danger of Foreclosure, and they need a Los Angeles Foreclosure attorney as soon as possible.

3. Pre-closure: Once the NOD is issued to you (as a borrower), you will enter a grace period of 30 to 120 days, this grace period is known as pre-foreclosure. The aim is to give you enough time to make all the necessary payment during this period.
During this period, the borrower can either pay all the necessary mortgages including taxes and interests, pay the lender through a short sale, or seek for alternatives options with the help of a Foreclosure Attorney.

4. Auction: If at the end of the grace period ( usually 120 days; 3 months) the borrower is unable to pay its debts then the lender (or its representative is also known as the trustee) schedule a day for the borrower’s home to be sold at a foreclosure auction (also known as a trustee sale).
The trustee will record a Notice of Trustee’s Sale (NTS) with the County Recorder’s office to enable them to auction the property. The NTS will be given to the borrower, posted on the home and even in the newspaper to notify the general public about the impending auction.
The foreclosure auction can be carried out in the country courthouse, at the property in foreclosure, and even in the trustee’s office. If the borrower can come up with the outstanding debt, he will be given a right of redemption to stop the house from being sold and stop the foreclosure process for good.
At the auction, the person that can pay the highest amount for the property becomes the buyer and the owner of the house. Therefore the majority of lenders do makes a deal with the borrowers called a deal in “lieu of foreclosure”, this will give the borrower an opportunity to get the property back. The bank also can buy the house at the foreclosure auction.

5. Post-Foreclosure: In a situation, where there is no third party to buy the property at the auction, the house will become the property of the lender. It is referred to as bank owned property (REO – real estate owned).
Real estate owned properties also called bank-owned property are sold in two ways, either they are listed for sale on the open market by a local real estate agent or they are sold at a liquidation auction.

Los Angeles Foreclosure Timeline

The timeline for the foreclosure process in Los Angeles can be up to two hundred (200) days. The whole process may be quicker or slower than usual depending on the situation of your case.

Your loan is considered to be in default officially, after missing payments for 90 days that is three months, with the first day being when you first missed the payment for your mortgage.

When the property is formally in default, your lender must register a NOD with the court. Once they filed the NOD, they have to inform you within ten days.

To get out of default, you need to clear all outstanding mortgages including interest and fees. If you can’t pay all at once, due to financial hardship, you will continue to be in default.

Once you get the NOD, you have exactly 3 months (90 days) to pay back all your outstanding debts or risk losing your beloved home. After 3 months your lender can set a date for the auctioning of your property. Once they have fixed a date, you will be notified through a Notice of Trustee Sale (NTS).

Immediately you received the NTS, the lender has to wait for at least 20 days to auction the property to the highest bidder. The Auction can be postponed by your lender/court. The
the property will be sold to the highest bidder during the sales auction.

What our Work injury Attorney Can offer in Benefits

When you are involved in a foreclosure case, there are many options you have to avoid foreclosure, and there are many benefits you are entitled to as a borrower facing foreclosure.

To know more about this call Lg Law to learn more.

Highlights below are four benefits attached to any foreclosure case, remember that only a foreclosure attorney in Los Angeles can give current and accurate information as applied to your situation in Los Angeles.

You need a Los Angeles foreclosure attorney.

Benefit 1: Loan Modification

Loan modification is one of the best ways to fight foreclosure. It seeks to make changes to the original terms of loan agreement as to lessen the burden on the customer.

Many lenders (mortgage company) prefer to settle with their creditors on loan modification, rather than acquire your home.

They are into the business of managing credits and debts, not in homes and real estate. Also foreclosure most times result in a loss on their book.

The Congress passed a temporary program to help homeowners have access to a loan modification in 2009. The mortgage companies are being mandated to work with homeowners in the process of getting a loan modification.

Once you file for a loan modification with your lenders, all foreclosure proceedings on your house will be ceased for thirty days, this is obligated by California law. If the application for loan modification is accepted, they will cease the foreclosure process on your house/real estate to allow the discussion for a new loan rate and payment. But if the loan modification is rejected, the foreclosure process will go on as planned initially.

These are the main reasons you must work with an experienced Los Angeles foreclosure attorney, to give you the best guidance on your foreclosure.

At Lg Law our foreclosure attorney work to make sure that the loan modification is accepted. We also explore other alternatives to have a backup plan, while your foreclosure application is yet to be approved.

Loan modification is not ideal for those that their foreclosure is very close; at the last minute. It is not quick like bankruptcy. If your foreclosures sale is in few daytimes, it is not advisable to apply for a loan modification due to its slow process.

Benefits 2: Fixed Rate

Many lenders in Los Angeles will consider decreasing your loan principal as a modification.

To be eligible for this, the borrower must be prone to be delinquent in the future, because of an unavoidable rate reset.

The mortgage ratio is reduced to as low as 2.5% interest rate. The loan will then be changed to a ten years interest rate only or fixed rate mortgage.

At Lg Law, we will help you reduce the borrower’s payment, reducing the interest rate to make the payments affordable for you.

We help borrowers that have shown goodwill, to get a loan modification with a fixed rate of 6 to 6.50 per cent over a period of time.

This is to get borrowers’ monthly payments to be around 31 – 38% of their gross monthly income.

Benefit 3: Waives Payment

Lenders hate foreclosure, it does cost them a lot of money, so many lenders are willing to work with borrowers that are experiencing hardship to work out an affordable monthly payment. For a lender to be able to consider doing this, the borrowers must have shown goodwill.

The lender will waive all payments related to the loan modification, charges like late fees, bank legal charges and other similar charges will be waived for the borrower to allow him to get to back on track to paying its affordable monthly mortgages.

Our foreclosures attorney at Lg Law Los Angeles will be at hand to help get your lender to waive payments for you.

Benefit 4: Stop/Postpone Foreclosures sale

Many borrowers don’t know that they can stop a foreclosure notice. Once they get an NTS, they believe that nothing can be done about it, but for them to be evicted and their home sold. Some even look for a way to be out of the house, before the foreclosure date, they don’t know they can turn it around.
They either stop it altogether or postpone it, with our experienced foreclosure attorney we can help you to either postpone or stop foreclosure altogether, depending on the one that is best for your situation.

The following are alternatives to foreclosure:

Ask for a postponement

You can call your lender and request for the postponement of your foreclosure sales date, and make sure you keep in touch so that you can be updated about any changes in your foreclosure case. Foreclosures cost your lenders money, and many companies will only resort to it as a last option. Contacting them for the postings of the sale date, with cogent reasons will help them to reevaluate your case and set a new date, with the hope of you will be able to pay off your outstanding debts before the new sales date. Some lenders might give you cold shoulder, but the majority of them will be willing to work with you on a new date.

Filing bankruptcy

Filing for chapter 7 and chapter 13 bankruptcy can help you discharge your debts. This will give you enough time to work out alternatives before the foreclosure process continue.
Immediately you filed for bankruptcy all foreclosure process will cease automatically. Chapter 7 bankruptcy tries to get rid of the debts by selling your unsecured assets while chapter 13 seeks for ways to pay back the debts on a flexible repayment plan.

Lawsuit

If you think you have been mistreated or you can record any wrongdoing against your lender, then you can sue them.
Once you file a lawsuit against your lender, you may be granted a preliminary injunction by the judge. It will stop the foreclosure process while the lawsuit is still on.
Your failure to win the case will lead to the continuation of the foreclosure process.

Short Sale

If the amount owed, is more than the current market value of your property, then a short sale may be an option.
In a short sale, the borrower gives all ownership right of the property to the lender to takes possession of the property, while in exchange the lender forgot about the debts owed on the property. All this is subject to the agreement of the lender.
The borrower must be able to prove to the lender that they are unable to pay any additional loan on the property.
During the process of the short sale, the foreclosure process will be postponed.
Call to get a detailed explanation to stop foreclosure.
An experienced Los Angeles foreclosure attorney can help determine the best option for your situation.

About us

The best law firm in Los Angeles and California as a whole is Lg Law Firm. At Lg Law in Los Angeles, we are a team of professional and experienced attorney that specializes in all cases concerning personal injury, bankruptcy, workers’ compensation and foreclosure.

Established in 1999 to care for the needs of our clients, using the best legal service coupled with outstanding professional customer services that are guaranteed to bring out maximum benefits out of all your legal cases.

We are an excellent oriented and result driven law firm with a success rate of 99% over combined legal cases of 12,000 spanning over different fields such as personal injury, workers’ compensation, bankruptcy and foreclosure.

Our team consists of over 30 dedicated and experienced foreclosures attorney with diverse experience in dealing with all cases.

To learn more about how we can help you get the best from your foreclosure case.

Why Us?

We are the number one choice for all your workplace injury in Los Angeles.

We are the number one choice for all your foreclosure case in Los Angeles.

We have a team of over 30 experienced, knowledgeable and result driven foreclosure attorneys and legal professionals with a mission “to provide our clients with maximum benefits from their foreclosure case”.

We have taken it upon ourselves to provide the best legal service available in Los Angeles and in California as a whole to our clients.

Are you still asking, why us?

Because we are the best in what we do, and that is getting our clients the maximum benefits they deserve from every of their legal case.

No Law firm in Los Angeles can match our of professionalism and high-quality service in any legal case especially in foreclosure, bankruptcy, personal injury and workers’ compensation.

We treat our clients with the most superior customer services because we believe that each of our clients deserved the best irrespective of their situation.

Call 1(888)901-5240 Now, to get a free consultation with the best workers’ compensation attorney in Los Angeles.
We offer our clients a no-cost consultation, and we don’t get paid until you are paid.