Home Foreclosure Attorneys

Foreclosure is a legal process that allows lenders to recover unpaid mortgage balances by seizing and selling a property. In Washington State, foreclosure can occur through a judicial or nonjudicial process. Homeowners in Vancouver, Washington, facing foreclosure need to understand their rights and legal options to protect their homes.

If this sounds like a situation you’re in, don’t hesitate to contact an experienced Vancouver bankruptcy attorney who can help explain the process and go over all of your available options.

Washington has a set of laws in place regarding foreclosure, including the following:

• RCW 61.24: This governs non-judicial foreclosures, which are the most common method in Washington.
• RCW 61.12: This addresses judicial foreclosure proceedings that require court involvement.
• RCW 19.144: This outlines protections put in place for you, including fair lending practices.

Most foreclosures in Vancouver are non-judicial and follow these steps:

• Your lender will issue a Notice of Default (RCW 61.24.031) after you fall behind on payments.
• If the loan remains unpaid, a Notice of Trustee’s Sale (RCW 61.24.040) is then recorded.
• At this point, your property is auctioned to the highest bidder.

Judicial foreclosures, which involve a court ruling, can take a lot longer. However, it does allow you to defend your case before a Clark County judge.

In some cases, filing for bankruptcy can help delay or stop foreclosure. A bankruptcy attorney in Vancouver can help you determine whether Chapter 7 or Chapter 13 bankruptcy is the right course of action for you.

• Chapter 7 Bankruptcy (RCW 6.15.010): This bankruptcy type can temporarily stop your foreclosure through an automatic stay, but may lead to home loss unless all of your debts are resolved.
• Chapter 13 Bankruptcy (11 U.S.C. §1301): This bankruptcy type lets you restructure your mortgage payments and prevent foreclosure as long as you adhere to a court-approved repayment plan.

One of the biggest benefits of bankruptcy is the automatic stay provision you will find under 11 U.S.C. § 362. When you file for bankruptcy, an automatic stay immediately goes into effect and stops all foreclosure proceedings.

It also prevents your creditors from pursuing any collection efforts against you, including repossession or eviction. This gives you time to work out alternative solutions like loan modification or repayment restructuring.

While bankruptcy can certainly be a strong defense against foreclosure, it might not be the right fit for everyone. Consider the following and discuss everything with your Vancouver attorney:

• If you can’t afford mortgage payments even under a repayment plan, bankruptcy might just delay the foreclosure process rather than prevent it.
• If you have a lot of non-exempt assets, filing for Chapter 7 could result in the loss of some of your most valuable property.
• If you recently filed for bankruptcy, you might not be eligible for another automatic stay.

Speaking with your Vancouver bankruptcy attorney is the best way to determine whether this approach aligns with your financial situation or not.

If foreclosure seems inevitable, you have several options available to you.

• Loan Modification: You may find that your lenders agree to adjust the terms of your mortgage.
• Short Sale: You can decide to sell your home for less than the mortgage balance with lender approval.
• Deed in Lieu of Foreclosure: This option lets you transfer home ownership back to the lender to avoid foreclosure consequences against you.

If you receive a Notice of Default or Notice of Trustee’s Sale, you want to take action immediately.

• Contact a foreclosure attorney right away to review your legal options.
• Check for lender violations, like the failure to follow notification procedures.
• Explore foreclosure alternatives, including loan modifications or short sales.
• Consider bankruptcy if you need to buy some time to reorganize your finances.

Foreclosures can significantly impact your credit score and make it hard to obtain future loans or housing.

• Credit Score Drop: A foreclosure can lower your credit score by 100-200 points.
• Limited Loan Options: A lot of lenders require a waiting period before they can approve any new loans.
• Long-Term Consequences: A foreclosure can stay on your credit report for seven years.

Hiring a foreclosure attorney in Vancouver, Clark County, ensures you have the right kind of legal support on your side throughout the entire process. Your attorney will evaluate your lender’s actions and determine whether there were any violations, negotiate for loan modifications on your behalf, and represent you in court if a judicial foreclosure happens to be filed.

Home foreclosure and bankruptcy attorneys in Vancouver, Washington, can provide you with a high level of support when you find yourself facing home foreclosure. So, don’t hesitate. Consult one of our skilled attorneys today and start exploring your legal rights and options to keep and stay in your home.