Chapter 13 bankruptcy can be an option if you are facing foreclosure after falling behind on your mortgage payments. It will allow you to pay off the amount owed through a repayment plan, usually within 3-5 years, depending on your income and other circumstances.
In Washington, you may retain any property that falls into one of the exemptions categories if you file bankruptcy. However, there are certain debts that you will not be able to discharge even in bankruptcy, among them are certain non-dischargeable taxes, as for example, back […]
If your debt to someone else has been canceled or forgiven, the canceled amount may be taxable. Generally, to the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. The […]
In the last post, we talked about what’s going to happen if you didn’t respond to the notice of default. Then, what rights do you have in the foreclosure process? Here’s some need-to-knows when dealing with a foreclosure: You have the right to bring your […]
This is a question we hear all the time, and one that comes with a very important answer. This also a good follow up from our last post about about what to do what to when you are Defaulting on Your Mortgage. Did miss a few […]
I haven’t been making my mortgage payments. What’s going to happen? Do I have rights? What to do when you find yourself in default. If a homeowner misses a mortgage payment, then the homeowner’s account goes into default. When this happens, the servicer is required to […]