Home Foreclosure in Federal Way
You can easily fall behind on your monthly mortgage payments if something unexpected happens in your life and you fall behind on bills. If you continue to miss payments, home foreclosure could become a reality. Filing for bankruptcy may provide an opportunity to save your home, and will protect up to $125,000 of your home equity via Washington's Homestead Exemption.
Financial setbacks of all sorts can cause anyone to fall behind on their mortgage. Being laid off from work or a country-wide recession could be responsible but it doesn't matter because lenders have zero tolerance for missing payments. When losing your home to foreclosure becomes possible, it's time to consider your options.
Stopping foreclosure may be possible with help from one of our Federal Way bankruptcy lawyers. To find out if you qualify for this powerful tool that can stop home foreclosure, contact one of our bankruptcy attorneys in Washington State for a free consultation.Stop foreclosure and all debt collection with help from our King County bankruptcy lawyers
- Chapter 7 and Chapter 13 bankruptcy both stop home foreclosure and all debt collection activities
- Filing for Chapter 7 bankruptcy may free up enough money to get caught up with mortgage payments
- Chapter 13 bankruptcy allows you to consolidate all debt into a monthly payment plan
- Get more details by contacting one of our Federal Way home foreclosure relief attorneys today
Most Federal Way homeowners who fall behind on mortgage payments are hard working people who experienced a setback from which recovery proved impossible. Bankruptcy laws were created for those experiencing these kinds of money problems. The goal of bankruptcy is to give someone a fresh start financially, and when a home can be saved from foreclosure, it works out even better for the affected family. If you're hoping to stop foreclosure on your home, contract our King County law office and get started.Chapter 13 and Chapter 7 bankruptcy - the differences
Filing for bankruptcy stops foreclosure on your home immediately, regardless of whether you file Chapter 7 or Chapter 13. Which would be more viable for you? If your annual income is below the median household level for your Washington's family size, filing for Chapter 7 bankruptcy may be your best option. If it's above this level, Chapter 13 may provide you with the best means of saving your home. You may need to take a means test to help your Federal Way home foreclosure relief lawyer ultimately make this determination.
Chapter 7 bankruptcy isn't the preferred long-term solution to home foreclosure that many are looking for. However, this option could free up time and money to explore alternative methods of getting caught up on your mortgage payments.
Chapter 13 bankruptcy is also known as the "home saver plan," which underscores its effectiveness at stopping home foreclosure. Filing Chapter 13 bankruptcy allows you to consolidate your debt into a monthly payment plan into which your mortgage may be added. The term of the consolidation may be from three to five years, depending on your financial situation. Unsecured debt like credit cards, pay day loans, and medical bills, may be partially or entirely discharged by the court when you payments are done. All you have to do is say focused on maintaining your debt consolidation payments and you keep your home.Contact a Federal Way bankruptcy attorney and get more information without cost
Filing for bankruptcy in King County immediately stops all debt collection, including wage garnishment. Simply freeing up some money may help you get caught up on payments and save your home from foreclosure.
Our bankruptcy lawyers in Washington offer a free consultation so that you can find out more about lasting debt relief and saving your home. Contact one of our lawyers in Federal Way today and put a stop to home foreclosure.