Protect Your Home Against Foreclosure!
Can bankruptcy stop foreclosure in Las Vegas, Nevada? That is one of the most frequently asked questions debtors can have.
When someone borrows money to buy a house, they sign a contract called a mortgage. This contract says they have to pay the lender back over time. If they miss too many payments, the lender can take possession of the house and sell it to get their money back. That process is called foreclosure.
Many people in the city risk losing their homes if they can’t keep up with their mortgage payments. Understanding foreclosure can help these homeowners deal with their situation and explore other options.
Quick Summary:
- Nevada law grants homeowners facing foreclosure time to react and potentially save their homes.
- In Nevada, foreclosures can happen in court (judicial) or outside of court (non-judicial).
- Filing for Chapter 13 bankruptcy can pause the foreclosure process (through the automatic stay) and allow you to create a repayment plan to catch up on missed mortgage payments.
What is Foreclosure?
If you miss payments on your home loan for a while, the bank can take your house to sell it and get their money back. That process is called foreclosure. In Nevada, it’s more common for a person called a trustee to handle the sale without going to court. If you’re facing foreclosure, you have certain rights. For example, you’ll get warnings before the house is sold, and there might be ways to avoid losing your home.
What are My Rights During Foreclosure?
If your house is going into foreclosure in Nevada, here’s some good news: you have certain rights. These rights can help you handle the situation and maybe even keep your home. Here’s what you can do:
- Get a warning before they sell your house. This lets you know what’s happening and gives you time to act.
- Try to work out a plan to catch up on your payments. There might be options to avoid losing your home.
- Stay informed. You’ll get notices throughout the foreclosure process.
- Bring your loan current to stop the sale. If you can catch up on what you owe, they can’t sell your house.
- Get extra protection if you’re in the military. The law gives special help to people serving in the armed forces.
- Sell your house yourself and pay off the loan. This way, you might get some money left over.
- File for bankruptcy if needed. This is a legal way to deal with debt.
- Get any leftover money after the sale. If the sale of your house brings in more than what you owe, you get the difference.
Understanding your rights during a foreclosure in Nevada can help you navigate this difficult situation. Hopefully, these rights can help you save your home, or at least make the process a little less stressful.
The Authorized Routes: Which Foreclosure Type is Allowed in Nevada?
If you miss your home loan payments in Nevada for a while, the bank might take legal action to sell your house and get their money back. There are two main ways they can do this: with a judge’s help (judicial foreclosure) or without a judge (non-judicial foreclosure).
- Judicial foreclosure: This happens when you miss your home loan payments in Nevada, and the bank can sue you in court to get a judge’s permission to sell your house. But here’s the thing: if you don’t respond to the lawsuit, the bank automatically wins the case.
But if you decide to fight the foreclosure lawsuit in court, a judge will look at all the details and decide who wins. If the bank wins, the judge will rule in their favor and order the sale of your house at an auction. An auction is a public event where people bid on your house to buy it.
- Nonjudicial foreclosure: In Nevada, there’s another way for the bank to sell your house if you miss your mortgage payments for a while. This is called a nonjudicial foreclosure, which means it happens outside of court. It’s like following a rulebook set by Nevada law. The bank follows these steps to sell your house, and if they do everything right, they can eventually hold a foreclosure sale.
Most banks prefer this method because it’s faster and less expensive than going to court.
Can Bankruptcy Stop Foreclosure?
The short answer is yes! If you file for bankruptcy, the foreclosure on your house gets put on hold. This means the bank can’t take your house right away. They have to stop trying to evict you. The bankruptcy court takes over, even if a regular court case has already started. Until the bankruptcy court decides what to do next, the bank can’t foreclose.
How To Stop Foreclosure
If your house is at risk of foreclosure, filing for Chapter 13 bankruptcy can stop it. The day you file, everything gets put on hold (called the automatic stay), including the foreclosure. Debt collectors can’t come after you anymore either.
The court will appoint a trustee to manage your case. You’ll tell them your income and debts. They’ll figure out a monthly payment plan that considers your expenses so you can afford it.
You’ll then make payments over a few years. This gives you time to catch up on your mortgage payments. The bank has to let you do this. Once you’re caught up, the foreclosure threat goes away, and you can stay in your home. The payment plan is based on your situation, so it should be manageable.
Can I File For Chapter 13 Bankruptcy?
To file Chapter 13 bankruptcy, your house loan and other debts with collateral (secured debts) can’t be over $1,842,200. Total debts without collateral (unsecured debts) like medical bills can’t be over $394,725.
There are also a few reasons you might not qualify. You can’t file if you recently had a bankruptcy case dismissed for missing court dates or not following the rules. You also can’t file if you gave up on a past bankruptcy case after creditors complained to the court, or if you didn’t take credit counseling from an approved agency.
Chapter 13 is best if you have a steady income because it involves making payments over time.
Why Do I Need a Foreclosure Attorney in Las Vegas?
The next question that you need to answer is “What makes a good foreclosure attorney in Las Vegas?” By carefully evaluating the qualities of your foreclosure lawyer, you can get assurance of receiving excellent legal service!
Below are the reasons why you should choose Riggi Law Firm as your foreclosure attorney in Las Vegas:
- Experience in Bankruptcy Law: David Riggi’s background includes bankruptcy law. This experience allows him to explore Chapter 13 bankruptcy as an option to stop foreclosure.
- Understanding of Favorable Client Outcomes: David Riggi’s focus on achieving “favorable client outcomes” means he prioritizes results that benefit his clients. Stopping foreclosure would be considered a positive outcome, so you can expect him to work toward that goal in your case.
- Great Negotiation Skills: The emphasis on David Riggi’s awards and honors, including those for client service, proves his strong negotiation skills. These skills could be valuable in trying to negotiate a loan modification with your lender, which could help you avoid foreclosure by making your mortgage more affordable.
Call Our Foreclosure Attorney in Las Vegas Now!
Can bankruptcy stop foreclosure? The answer is yes. However, you have to remember that filing for bankruptcy is a complicated process. Going through this alone is discouraged. To get the most out of it, seeking help from a competent Las Vegas foreclosure attorney is a must!
Riggi Law Firm has always been consistent in providing high-quality legal services for people. David Riggi’s experience includes successfully managing complicated Chapter 11 bankruptcy reorganizations. This is shown by his involvement in important cases. Through dedication, training, and experience, we provide personalized legal solutions to ensure the best outcome for your case.
Other than Chapter 13 bankruptcy, we can help you with Chapter 7 and Chapter 11. Don’t hesitate to seek legal help. Set a free initial consultation today!