Dallas W. Jolley
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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.
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
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:
(253) 565-9300