Dallas W. Jolley

Attorney and

 Counselor at Law


(253) 761-8970

dallas@jolleylaw.com


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Save Your Home From Foreclosure Eliminate Debts

Since 1993, the law firm of Dallas W. Jolley has helped individuals and families save their homes from foreclosure. Through client counseling, education, and personalized planning, we guide our clients through the bankruptcy process with the objective to eliminate as much debt as is possible, and if necessary, to reorganize to save a house from foreclosure, a business from failure, or even to get a drivers license reinstated.Unfortunately, there are many myths about bankruptcy that need to be exposed for what they are, just myths. These myths are causing people to spend exempt assets to pay debts that would be eliminated in their bankruptcy. For example, many people are spending down their pension and retirement funds to pay credit card bills when pension and retirement funds are exempt from the bankruptcy process, which means that you get to keep them. 

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Chapter 13 - How Save Your Home from Foreclosure.

THE MORTGAGE WORKOUT PROGRAM ENACTED BY CONGRESS

It is not generally known that in the U.S. Constitution our founding fathers provided a way so many years ago that will stop a foreclosure sale and give up to 60 months to catch up on mortgage payment arrears. Congress enacted Chapter 13 of the Bankruptcy Act with one of the main provisions specifically providing the way for homeowners to save their homes from a pending foreclosure sale. Unfortunately, most homeowners in danger of losing their homes do not know about Chapter 13, and as a result, many homes are lost to a foreclosure sale, sold at a discount, or refinanced at a much higher interest rate.
See Jolley's blog for mortgage newswww.jolleylaw.blogspot.com 


FHA REFINANCING THROUGH CHAPTER 13

While capitalism is as American as apple pie, personal finance and economics are not required high school courses. As a result, Americans suffer financial troubles they otherwise would have avoided had they received a basic financial education. While it is good to avoid filing a bankruptcy, having a foreclosure on your credit report makes it much more difficult and expensive to get another mortgage than does a Chapter 13 bankruptcy. In fact, it is possible for some homeowners to refinance out of their Chapter 13 in as little as 12 months after their filing date, and many do so at competitive interest rates through an FHA loan for homeowners in Chapter 13.


DON'T BE MISLED BY THOSE WHO SAY CHAPTER 13 DOESN'T WORK

Most homeowners facing a foreclosure are contacted by realtors and mortgage brokers. However, a realtor seldom discusses Chapter 13 unless he or she cannot get the house sold before the foreclosure sale. They normally only recommend it because filing 
Chapter 13will immediately stop the sale from taking place, which will give the realtor more time to complete the sale and collect their commission. Mortgage brokers also do not tell about Chapter 13 if they think they can refinance your home. But they may recommend Chapter 13 since they could refinance the home after their client has been in Chapter 13 
for 12 months.

HOW A "HOUSE SAVER" CHAPTER 13 PLAN WORKS

The provisions of a typical “house saver” Chapter 13 plan look something like the following: A homeowner who is five months behind on his mortgage payments has a $2,000 mortgage payment, which payment includes property taxes, homeowner's association dues, and insurance, for a total past due balance of $12,000 ($10,000 plus $2,000 of fees and costs assessed under the mortgage contract). The Chapter 13 plan would require the homeowner to pay the current monthly payment, plus $200.00 per month to cure the mortgage default. The plan may or may not include the payment of the homeowner's other debts, depending on the type of debt owed, the amount of equity the debtor has in his property, and/or his ability to pay those debts. In other words, a 
Chapter 13provides a way to pay certain debts to allow the debtor to retain his property while also eliminating the types of debts that would be eliminated if the homeowner had filed a Chapter 7 bankruptcy.

OTHER OPTIONS: LOAN WORKOUTS AND MODIFICATIONS

Never before in history have mortgage banks been more willing to modify a loan to give a distressed homeowner the opportunity to workout a defaulted loan. The first step to see if this could be an option is to review financials. As a former financial planner and CEO, 
Mr. Jolley can assist homeowners through the workout process. It is worth the effort if the numbers are right.

CALL NOW FOR YOUR FREE CONSULTATION

For a free consultation, call (866) 761-8970. Our offices are conveniently located just 
off I-90 in Mercer Island or in Tacoma near the Tacoma Mall. If your foreclosure sale will be held within a few days, please Call (253) 297-2231 immediately.

HOW TO PREPARE TO FILE:

Go to the Contact Us page and provide us your contact information. Meanwhile, assemble the following documents to prepare for your free consultation:

1 - Your past two years tax returns
2 - Pay stubs for the past 6 months
3 - All of your bills
4 - A mortgage statement
5 - Notice of Trustee's Sale
6 - Social Security Card
7 - Driver's License/Washington Identification

CALL TODAY:

Toll Free: (866) 761-8970

Seattle - Bellevue - Tacoma