California Foreclosure and Short Sale Trends
The federal government has recently changed their criteria for short sales, in an effort to stem the flow of foreclosures. The new legislation encourages lenders, through bonuses, to streamline short sales and keep homes from being foreclosed upon. While this looks very good on paper, and may even help some, what about the people who wish to keep their home out of foreclosure with out being forced to sell?
Many people opt for a short sale because they feel that there is no other option left for them to save their home. If given a chance, these people would love to keep their home as they rebuild their lives. Most do not know where to turn for true help.
Reorganization bankruptcy is an option for any home owner facing a California foreclosure. Chapter 13 bankruptcy will prevent a California foreclosure from occurring while the court is restructuring your debt.
When you file bankruptcy the court will put a stay on any foreclosure proceedings that are taking place. This allows the home owner to remain in the house during the court case without fear of being evicted. Once the court has reorganized the debts of the home owner, the applicant will only need to make the single payment to the court each month to retain their home.
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Tags: Sale, Short Sale