Thousands of families around the US are impacted by the potential threat of foreclosure every year. Homeowners in Vancouver make up a percentage of those who are impacted with the prospect of losing their homes, and it is often due to external forces beyond their control, such as unforeseen bills, accidents, or even the loss of a job. If you are facing foreclosure, there are steps you can take today to protect your home and reorganize your finances.
With the help of our experienced Vancouver foreclosure bankruptcy attorneys, you can stop the foreclosure process in its tracks so you can maintain your home. Keep reading to get a better understanding of foreclosure and how we can stop it in its tracks.
A foreclosure in Vancouver is simply the process a bank or lender undertakes to reclaim your home when you fail to make payments over a certain period of time. When you sign up for a mortgage, you guarantee your loan with the value of your home. This ensures the bank or lender that even if you don’t make your payments, they can get their money back. When you miss or fall behind on even one payment, the bank or lender will begin sending letters that your loan payments are delinquent. After a certain period of time, they will begin the foreclosure process, a three-step process to reclaim your home and sell it so they don’t lose money on their investment.
Foreclosures can be a very frightening prospect that has devastating consequences. Not only do you face potentially losing your home, you also take a massive hit on your credit and potentially disqualify yourself from obtaining a mortgage in the future. To avoid these negative repercussions, our Vancouver bankruptcy lawyers at Ark Law Group are here to advocate for you and provide you with options that may avoid foreclosure altogether.
This may seem like an insane alternative to foreclosure, but many Vancouver foreclosures can be halted or terminated by declaring bankruptcy instead. Bankruptcy and foreclosure both have negative consequences, but we highly recommend bankruptcy over foreclosure because you will be able to reorganize your debts or completely eliminate them and you often will be able to keep your home, two things that foreclosure can’t offer you. You may also be able to allow yourself more time to sell your home when you file for bankruptcy, giving you an opportunity to avoid the foreclosure process in its entirety.
At Ark Law Group, we will evaluate if bankruptcy is the best option for your situation but also advocate for you every step of the way. With our experienced attorneys on your side, we will strive to achieve the results you want to protect your home and other assets. Contact us today to get immediate help.
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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