Home Foreclosure Help
Stop foreclosure in Washington State.
FREE consultation with a Tacoma Chapter 13 bankruptcy lawyer: (253) 778-6952
A skilled Tacoma home foreclosure lawyer can provide the bankruptcy help you need.
In recent years many people who never thought they would be in foreclosure are no facing this serious financial crisis. It is easy to panic but the foreclosure process takes months. Recently it has even taken years for some mortgage companies to act. There are many ways bankruptcy can help in a foreclosure but it is a good idea to know your rights well before it turns into an emergency. Contact a Tacoma home foreclosure attorney from our firm today to better understand the laws that govern the outcome of your situation.
Almost all residential mortgages in Washington are non-judicial foreclosures done outside the court system. The start when a mortgage company sends a notice of default. It usually takes three or four months of delinquent payments before they send a notice of default. Washington law requires that they also give you an opportunity to schedule a meeting and mediation to discuss other options such as cash for keys, a short sale or a mortgage modification before sending the notice of default. After this notice is sent, they can not sell your property at auction for at least four months.
Can filing for bankruptcy in stop foreclosure in Washington State?
A Washington State bankruptcy can stop a foreclosure up to the date of the auction. The bankruptcy’s automatic stay, which prohibits attempts to collect a debt, stops the foreclosure immediately. A Chapter 7 may only stop the foreclosure a month but most often it stops it at least a few months.
An experienced Tacoma Chapter 13 bankruptcy lawyer from our team will clarify your options.
Chapter 7 may allow you to qualify for a modification by eliminating a lot of debt that was getting in the way of mortgage payments. It may allow you some breathing space to catch up on your own. If you can not catch up on your own or qualify for a modification, Chapter 7 is only a temporary solution to foreclosure.
A Chapter 13 can help you stay out of foreclosure for good but only if you can catch up on your mortgage payments over five years. It allows you to consolidate mortgage arrears with all your other debt and pay it back through a bankruptcy plan.
You can also strip off a second mortgage on your home if your home is worth less than the balance of the first mortgage. If you successfully exit Chapter 13, you will be back on track and can continue making regular mortgage payments as always. It is a good solution for someone who fell behind temporarily and can now keep making regular payments and payments on the arrears. The fact that Chapter 13 allows you to pay as little as 0% on some debt, such as credit card debt, is a big help as well.
Call the Tacoma home foreclosure attorneys from our law firm today for a free consultation!
Don't delay in protecting your home from foreclosure. Contact a Tacoma home foreclosure attorney from our law firm as soon as possible to find out if bankruptcy can be your solution to financial recovery. Our fees our affordable, and we offer flexible payment options.
Affordable, aggressive & experienced. Low flat fees & flexible payment plans.
Find out more about protecting your home from foreclosure by contacting a Tacoma Chapter 13 bankruptcy lawyer on our team today: (253) 778-6952