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Connect with Tacoma Chapter 13 bankruptcy lawyer, Erin M. Lane
If you are at risk of losing your home due to financial hardship, it is vital that you act fast in exploring your bankruptcy protection options as soon as possible. Erin M. Lane and her knowledgeable team are here to provide you with a FREE initial consultation to help you see if you qualify. Filing for bankruptcy can stop home foreclosure dead in its tracks – call now!
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Get help from our home foreclosure lawyers in Tacoma, WA.
If your house is in foreclosure, bankruptcy will stop it immediately up to the minute the property is sold at auction. A mortgage company must go through many steps before the auction date.
In Washington, most mortgages are in the form of a deed in trust. That means the mortgage company does not have to take you to court to foreclose. They send you a notice of default. If you are not able to catch up on the mortgage, they can sell the property four months after they send the notice.
Bankruptcy laws in Washington State and home foreclosure protection.
Washington law provides additional protection in foreclosure situations. Before the mortgage company can send the notice of default, they must give you the opportunity to meet with them to discuss other options such as modification, cash for keys or a deed in lieu of foreclosure. Sometimes filing bankruptcy makes it possible to do a modification when you have been denied a modification before because bankruptcy eliminates debt that can get in the way of making payments on the modified mortgage.
Because the mortgage company must go through all these steps before selling your property at auction, foreclosure is not something that comes out of nowhere. Though you can stop the foreclosure up to the point it is sold, procrastinating until the last minute can make filing your bankruptcy harder. You do not want to be in a hurry to file.
Bankruptcy requires paying the necessary fees and collecting the necessary financial information. However, if your goal is to stay in the house a little longer but not try to save it in the long run, filing shortly before bankruptcy can be a good strategy because it will delay your having to move out of the house.
Chapter 7 bankruptcy and home foreclosure.
A Chapter 7 will stop the foreclosure temporarily. If you cannot catch up on your mortgage payments after filing bankruptcy, the mortgage company can get permission from the bankruptcy court to proceed with the foreclosure in as little as a month. Sometimes the trustee will block a foreclosure to do a short sale of the property. If the trustee can get the mortgage company to accept less in the sale, some of the sale proceeds can be divided fairly among other creditors. This could actually help you stay in the house longer.
Chapter 13 bankruptcy – the long term solution to home foreclosure.
A Chapter 13 bankruptcy offers a long term solution to home foreclosure. You can catch up on late payments through a repayment plan. The late payments have to be made up within five years. The longer you wait, the harder it will be to catch up. The fact that Chapter 13 allows you to reorganize other debt can help you catch up. You can also strip off a second mortgage on your property if the balance of the first mortgage is larger than the value of your house. You can not strip a second mortgage on your residence in Chapter 7.
Facing home foreclosure in Tacoma, WA? Call for a FREE phone consultation now!
Getting in touch with one of our home foreclosure lawyers in Tacoma, WA can help you come up with the solution you need to stay in your house. Avoid possible home foreclosure by exploring your bankruptcy options. With the low flat fees and inexpensive, flexible payment plans that we offer to each of our clients, we make it even easier. Call to speak with one of our experienced Tacoma Chapter 13 bankruptcy attorneys today!
(253) 444-5869
