If you are financially struggling to the point that you are having a hard time keeping up your mortgage payments, you are certainly not alone. According to Zillow, nearly 8 million American homeowners are underwater on their mortgage, with many more facing significant financial distress. The stress can be overwhelming, and you may be worried about losing your home.
You should know that you may have legal options available that can be used to stop a foreclosure. At the Ark Law Group, our Everett foreclosure bankruptcy attorneys have extensive experience representing financially distressed homeowners in Washington state. We help our clients utilize their rights under the law to protect their home and their overall financial interests. If you are facing foreclosure, you need to act fast. Get in touch for immediate legal assistance.
Chapter 7 bankruptcy, often referred to as a liquidation bankruptcy, can sometimes be used to temporarily halt foreclosure proceedings. One of the key benefits of Chapter 7 bankruptcy is that those who file are entitled to an automatic stay, which offers temporary reprieve from all debt collection efforts, including foreclosure efforts. As Chapter 7 allows filing parties to liquidate certain debts, a person may be able to get back into a financially solvent position so that they can save their home.
Chapter 13 bankruptcy, often referred to as a restructuring bankruptcy, gives insolvent people an opportunity to create a long-term plan that will help them get back on stable financial footing. For certain Everett homeowners who are facing a home foreclosure, Chapter 13 bankruptcy is the best available option. To qualify for Chapter 13 bankruptcy, you must have a viable debt restructuring plan approved by a court.
Filing for bankruptcy protection is not the right solution for every financially distressed homeowner. Ultimately, the answer will depend on your specific situation. All homeowners who are facing a foreclosure should consult with a qualified Everett foreclosure bankruptcy attorney who can review their claim and help them find the best path forward.
At the Ark Law Group, our top-rated team has helped more than 2,000 homeowners get much-needed financial relief. We are proud to be strong advocates for borrowers. If you are an Everett, WA homeowner who is facing foreclosure, we are here to assist you.
Borrower misses first payment
Borrower receives Notice of Default (not public record in WA)
Borrower receives Notice of Trustee Sale (public record in WA)
Trustee Sale: Home is auctioned on the courthouse steps
Borrower must vacate the home
Bank begins the “trash out” and clean up process
Bank lists the home on the MLS
Bank sells home
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