Stop Your Home Foreclosure
Experienced Chapter 13 bankruptcy attorneys serving all of Snohomish County.
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Bankruptcy will stop a foreclosure up to the moment a house is sold at auction. Foreclosure takes months, sometimes years, to finalize with an auction after a homeowner falls behind on payments. In recent years mortgage companies have been slow to act on many delinquent home owners. However, a foreclosure auction can take place within four months of a notice of default.
Filing for a Chapter 13 bankruptcy can be a complicated process. With a no-risk case evaluation, our firm provides you a great way to get your questions answered and on the right track towards saving your home. Call today!
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Experienced Everett Chapter 13 bankruptcy attorneys can help.
A mortgage company usually does not send out a notice of default until a homeowner is at least three months behind on a mortgage. They are also required to offer you meeting, then a chance to mediate before sending out this notice. If you are behind on a mortgage and get a letter offering you a chance to meet with them, you should take advantage of that to slow the process down and learn what options you may have, such as a mortgage modification, from the experienced Chapter 13 bankruptcy lawyers in Snohomish County from our firm.
Filing a Chapter 13 bankruptcy to stop your home foreclosure.
One option you should consider is bankruptcy. A Chapter 13 bankruptcy can put you back on track with your mortgage payments. It allows you to slowly catch up on your payments over five years. Of course, you have to resume making your regular current mortgage payments as well. By consolidating all your debt and lowering the amount of debt payment, a Chapter 13 can make it easier to focus on your mortgage. A Chapter 13 offers the possibility of removing a second mortgage if the balance of your first mortgage is higher than the value of your house.
How a Chapter 7 bankruptcy can stop home foreclosure, and what the difference is.
Chapter 7 will stop a foreclosure immediately just as a Chapter 13 will. However, a Chapter 7 does not offer a plan to get caught up. If you are behind on a mortgage, you have to get caught up yourself to save a house in foreclosure in Chapter 7. Sometimes being able to eliminate debt, stop garnishments and increase cash flow will allow a homeowner to catch up on debt. Sometimes all a homeowner needs is a little extra time to move when they are up against a foreclosure. A Chapter 7 can provide that time, though it can be as little as a month. Usually a Chapter 7 will stop the foreclosure process for several months.
It is possible to obtain a mortgage modification while in bankruptcy. Sometimes a mortgage company is more willing to modify a mortgage when other debt is eliminated.
Call for your FREE consultation with an Everett bankruptcy lawyer today.
If you are falling behind on mortgage payments, it is better to learn about your bankruptcy options than to panic. You probably have plenty of time to plan a bankruptcy if the foreclosure process has just begun. Though you can stop a foreclosure the second you file your case, bankruptcy is a much less stressful and more predicable process if you are do not have to file in a hurry. Learn more about how our experienced Chapter 13 bankruptcy lawyers in Snohomish County can help you today.
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Stop your home foreclosure! Contact us for a FREE consultation today.
The Central Building - 1721 Hewitt Ave
Everett, WA 98201
Our debt relief and bankruptcy lawyers serve clients throughout Snohomish County and Western Washington. These cities include, but are not limited to the following localities: Everett, Arlington, Marysville, Edmonds, Brier, Lynnwood, Monroe, Bothell, Lake Stevens, Mukilteo, Mountlake Terrace, and Snohomish. If you live in Snohomish County and have questions about your Washington State bankruptcy and debt relief options, we invite you to call our offices for a free, no obligation initial consultation.