The main legal vehicle used in the state of Washington and elsewhere to stop a foreclosure and attempt to save one's home is a Chapter 13 bankruptcy. This is a payment plan that allows the homeowner to make monthly payments on the past arrearages and to resume regular mortgage payments at the same time. Even for a property in foreclosure and scheduled for a sheriff's sale, the owners, if qualified, can file a Chapter 13 and stop the sale from taking place.
Consumer bankruptcy attorneys in the state of Washington are experienced in representing homeowners in mortgage foreclosure proceedings. Many different defenses can be asserted to stop foreclosure proceedings on a temporary and sometimes permanent basis. This can be done in the state courts right after the foreclosure is first filed, or it can be done in a bankruptcy court if appropriate under the circumstances.
For many Washington residents, owning their own home is the culmination of a long held goal. A great deal of pride comes from purchasing a home of one's own, and when that home is threatened due to financial pressures, the stress can be unbearable. Many homeowners will go to great lengths to keep their property out of foreclosure, and that leaves them vulnerable to many different types of scams.
For many people in Washington who find themselves in serious debt, the manner in which they got to that point is not always clear. Even well-educated, competent and otherwise successful individuals can become mired in credit card debt, often with little understanding of how those balances grew so high, so quickly. According to a recent article on the psychology of debt, it may be that the human brain is simply unable to fully comprehend the concept of credit, which can lead to trouble.
According to the Consumer Financial Protection Bureau (CFPB,) a company that promised to assist homeowners who were at risk of losing their homes failed to meet that obligation. An investigation into the matter found numerous violations of loan servicing regulations, and resulted in a fine of more than $1 million. The move should serve as a cautionary tale for Washington homeowners who are facing serious financial strain, and looking for ways to avoid losing their home to foreclosure.
Owning a home has long been known as the ultimate American dream, and is a goal to which many people still aspire. However, when circumstances shift, many Washington residents find that retaining their home is a challenge. Faced with mounting bills and decreased income, mortgage debt is a stressor that can begin to feel overwhelming. Fortunately, there are ways to overcome crushing levels of debt, including refinancing a home loan.
For those in Washington who are at risk of losing their home due to financial struggles, the level of daily stress is difficult to quantify. Fear of home foreclosure is about more than simply adding another debt to the growing pile; there is the very real sense of losing the place that represents peace, security and stability. That is why so many people will go to great lengths to avoid foreclosure.
Most Washington residents are aware that the picture perfect image that many people display on Facebook is far from reality. Lots of social media users create a carefully curated glimpse into their lives, intended to give a distinct impression. In some cases, that impression is intended to convey wealth, even after an individual has filed for consumer bankruptcy. That can create problems for the professionals who manage bankruptcy cases.
Consumers with considerable amounts of debt often feel a great deal of guilt and shame regardless of how they accumulated the debt. While these are both difficult with which to deal with, perhaps one of the worst aspects of falling behind on payments is what lies on the other end of a phone line. For many Washington debtors, finding a solution to stop creditor harassment is just as important as handling their actual debt.
A quick perusal of virtually any news site will reveal something that most Washington residents are already intimately familiar with -- the student loan crisis is still growing. With many jobs requiring a secondary education, students often have no choice but to take out loans in order to address the soaring costs of a college education. These loans have a significant impact on debtors and even lead to other forms of consumer debt.