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Notice of Default


I've Received a Notice of Default. Should I Be Concerned?

When the owner of real estate misses several payments, the creditor files a Notice of Default with the county as a prelude to foreclosure. If your payments are not brought up to date within three months of the filing of the Notice of Default, you will receive a Notice of Trustee's Sale which states that the property will be auctioned off to the highest bidder in 21 days of the day of its recording with the court.

If you think foreclosure is a real possibility, call us now for your free phone consultation. Don't wait until the last minute, when it may be too late.

Can I Save My Home Now That I've Received a Notice of Default?

Yes. There are several options.

One, pay the money to bring your mortgage account current. However, if you had the money you wouldn't have received a Notice of Default. Please note that if you borrow against the equity in your home, you won't reduce your overall debt burden.

Two, renegotiate your debts. However, what the lender agrees to in negotiation will depend on your credit history, the reasons for your missed payments and your financial prospects. The lender may take steps toward foreclosure if your debt problems look severe or long-lasting.

If there is no practical way for you to do either of these options, file for bankruptcy. It's crucial to talk to a bankruptcy attorney as soon as you get into trouble. The sooner you start working on your bankruptcy solution, the better. Call us today at 626-450-0639, 714-777-6990, 562-777-9159 / 866-429-3233for your free phone consultation.

Thank you Mr. Gebelt for all you have done. I would recommend your firm in a heartbeat. On a scale from 1 to 10 you get a 20!

Again Thank You and the best to you this New Year and always.

Sandra, La Habra, California (Dated January 5, 2011 - Email on file)

What Can Bankruptcy Do for Me in This Situation?

Sometimes people find themselves defaulting on a mortgage because they have too much other debt competing for their resources. Bankruptcy may help you keep your home by discharging your other debts, thus allowing you to devote more money to your mortgage payments.

When you file for bankruptcy, the "automatic stay" goes into effect. The automatic stay prohibits virtually all creditors from taking any action directed at collecting debts until the court says otherwise. You can use this time to catch up on your payments or plan what to do if you don't have the funds to keep your house.

If you don't have the resources to pay your mortgage even if your other debts are wiped clean, surrendering your home in bankruptcy can be better than losing it outside of bankruptcy.

Call the Law Offices of Nicholas Gebelt today for your FREE ONE-ON-ONE PHONE CONSULTATION. We will tailor a legal strategy for you that will do the job.

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../ 562-777-9159 As a board-certified bankruptcy specialist, Los Angeles attorney Nicholas Gebelt understands the subtleties of bankruptcy law and can help you avoid unnecessarily losing your assets.

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Whittier, CA 90604

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