Dallas W. Jolley
Translate this page
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.
Read More: the 10 Common Myths About Bankruptcy,
Read More: the 10 Common Myths About Bankruptcy,
Listen to Mr. Jolley's radio ads
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 news, www.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
13 will 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
13 provides 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