Stop the Foreclosure and Save your Home in a Chapter 13 Bankruptcy
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.Read More
Taxes in Bankruptcy Proceeding
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 taxes are not dischargeable unless the tax meets discharge requirements.…Read More
Favorite Tax Provision Expired: Avoiding Taxes on Cancelled Mortgage Debt
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 Mortgage Debt Relief Act of 2007 generally allows to exclude…Read More
What Rights Do I Have In the Foreclosure Process?
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 mortgage current before the foreclosure occurs. This is called reinstatement.…Read More
I Didn’t Respond To The Notice Of Default. What’s Going To Happen?
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 mortgage payments and then neglect, or just forget to respond…Read More
Defaulting on Your Mortgage
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 send a Notice of Pre-Foreclosure Options (NOPFO). If you are…Read More