When people are struggling with debt, one of their biggest obligations and fears revolves around their home mortgage loan. You want answers and assurances that there are steps you can take to deal with what is probably your largest obligation. A qualified bankruptcy attorney can counsel you when it comes to understanding how to deal with an outstanding mortgage loan debt and make wise financial decisions to save your home.
At the Law Offices of Elizabeth Quick, we know part of the American dream is to own a home and we aim to help people solidify this ideal when times are tough. We can help you explore and execute options that can help you regain control of your debt, including your mortgage loan. If you need help regaining your financial footing, contact us by calling 425-242-4037 or 888-332-2136 to schedule a no-cost consultation at our Kirkland, Washington office.
Elizabeth Quick has been practicing bankruptcy law since 1999. She and her staff have extensive experience helping clients who need effective representation when it comes to achieving meaningful debt relief. Additionally, we also have on staff a real estate professional who has over 20 years of experience in the residential lending industry. This additional insight helps inform our clients on how mortgages work and how a mortgage loan can be affected by filing for bankruptcy.
Mortgage Loans and Bankruptcy: How They Mix
Bankruptcy can help many people who are upside down in their mortgages and owe more than what the home is now worth. In some cases, if you have a second or third mortgage, we can help you get rid of these additional debts through lien-stripping and then cram down your first mortgage to be for the current market value of your home. In some cases, bankruptcy can also help facilitate a home loan modification that was not available before.
Once you file for bankruptcy, if you have defaulted on your mortgage and your home is in foreclosure, all actions to pursue the foreclosure must stop immediately. Additionally, filing for Chapter 7 or Chapter 13 will also allow you to avoid any deficiency judgments that have been filed against you by lenders. All of these benefits can help you keep your home and continue to pay your mortgage if that is in your best interest. We can help you pursue these options correctly so that you have time to pay your arrears and get back in the clear to protect your biggest asset.
A Kirkland Bankruptcy Lawyer Who Looks at Every Option
In some situations, it may be more advantageous to reconsider owning at this point and reevaluate the benefits of renting. There is more flexibility with renting and not as many additional costs. Also, if you are several hundred thousand dollars under water on your mortgage, then you are essentially renting and it might be better to actually rent and save so that you can use that money in the future to purchase a home, instead of paying interest on a home you can no longer afford.
We pride ourselves on being detailed and presenting a full spectrum of options so that our clients understand the benefits and drawbacks of every situation. We want to help you make clear, thoughtful decisions that will help you now and in the future. No matter what option you choose, we can help facilitate the process so that it is smooth, timely, and meets your goals.
Contact the Law Offices of Elizabeth Quick today for a free consultation concerning all your mortgage options. We offer flexible payment plans, appointment hours, and convenient office located in the pleasant neighborhood of Kirkland. Together, we can find your financial footing and make sure your biggest fears are addressed and answered.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
