With costs rising across the Tri-Cities area, it seems easier than ever to get behind on your bills. Unfortunately, when you miss payments, creditors charge late fines, fees, and interest that quickly add up. Before you know it, you're way behind. Then, the worst happens: You receive a notice that your house is facing foreclosure, and you could lose your home.
Our Kennewick homes are our refuge from the world. When you are at risk of losing your home due to foreclosure, it can feel like you have nowhere to go. You can turn to us. At our law offices in Kennewick, we help our neighbors all over theTri-Cities area. We'll review your financial situation and provide you with legal options to help you get out of debt. In some cases, we can even help you keep your home.
Washington state’s Tri-Cities of Richland, Kennewick, and Pasco is a wonderful place to plant roots, which is evident in its low unemployment in top industries like technology, manufacturing, and agriculture. The Tri-Cities is also a great location to raise a family, with top-rated schools like Orchard Elementary and Hanford High School. There are also plenty of fun, family-friendly places in the area, such as the Gesa Carousel of Dreams, the Rollarena Skating Center, and the Aquatic Splash Park at the Badger Mountain Sports Complex.
Whether you're looking for the colonial and craftsman homes of The Estates at Meadow Springs, the classic ranch homes at Southridge, or the Mediterranean-inspired designs of Badger Mountain South-West Village, you'll find the perfect abode. However, the number of homes in Benton County is 17% higher than the national average, which can make housing a significant expense. With all prices on the rise around our communities, higher housing costs are a heavy burden. Many of our neighbors struggle to keep up with payments and, in some cases, face foreclosure.
When you face foreclosure inBenton County, you have somewhere to turn. Contact us to schedule your free consultation now. We'll review your case and answer any questions.
What Happens During Home Foreclosure In Benton County?Knowing what to expect can help with the anxiety you face during foreclosure. If you're facing foreclosure in Benton County, here is what to anticipate:
1. You Receive A Notice of Default: If your mortgage payments are overdue or you have violated your mortgage agreement, your lender will issue a Notice of Default. TheNotice of Default details the amount you owe and gives you at least 30 days to bring your loan current.
2. Notice of Pre-Foreclosure Options: Shortly after you receive the Notice of Default, your lenders send you a Notice of Pre-Foreclosure Options, which explains alternatives to foreclosure. You'll have 30 days to respond and request assistance.
3. Foreclosure Mediation: If you request foreclosure mediation, Washington state law requires the lender to participate in good faith.Mediation gives you and your lender a chance to discuss alternatives, such as:
Mediation can delay the process while discussions are ongoing.
4. Notice of Trustee's Sale: If you cannot resolve the default, the lender issues a Notice of Trustee's Sale at least 120 days before the foreclosure auction. It contains:
This is the final legal notice before the courts sell your home at auction.
5. Reinstatement Period:Up until 11 days before the foreclosure auction, you have the right to reinstate your loan by paying all overdue payments, fees, and costs. A reinstatement stops the foreclosure process.
6. Trustee's Sale/Foreclosure Auction: If the default remains unresolved, the courts will sell your home at a foreclosure auction, which usually takes place at apublic location. Your Kennewick home is sold to the highest bidder, often the lender, if no one else bids. Once sold, ownership transfers to the buyer.
7. Post-Sale Eviction Process: After the foreclosure sale, the courts will notify you of the transfer of ownership. You typically have 20 days to vacate the property according to Washington state law. If you're a tenant,federal law could allow you to stay longer, depending on the circumstances.
The legal process of foreclosure is very complex in Benton County, but our attorneys know how to guide you.
How Can I Prepare For Foreclosure In Kennewick?If you're facing foreclosure, here are some steps you can take to prepare:
1. Gather Important DocumentsStart by organizing your financial and legal documents on your home ownership and the foreclosure. You, your attorney, and theBenton County Courts will reference these during the foreclosure process. Such documents include:
Review all the terms of yourmortgage agreement. Make sure you know exactly how much you owe, including principal, interest, and any late fees.
3. Contact Your Mortgage LenderDon't avoid communication with your lender. The sooner you contact them, the better. They may have options to help you avoid foreclosure. Also, keep track of all conversations and agreementsin writing.
4. Consult With A Washington State Foreclosure AttorneySpeak with our attorneys who specialize inforeclosure defense in Kennewick. We can help you understand all possible options to stop your foreclosure and guide you through the process. The earlier you consult an attorney, the more options you'll have.
5. Consider Your Financial OptionsLook at your financial situation and determine whether you can catch up on missed payments or if you need assistance. In some cases,filing for bankruptcy in Washington state can stop the foreclosure process and give you time to work out a repayment plan throughChapter 13. Other options might include ashort sale ordeed in lieu of foreclosure if you cannot keep the home.
6. Build A BudgetReassess your budget and try toreduce expenses wherever possible. Focus on paying essential bills, like utilities and groceries, while finding ways to come up with extra funds that could help you catch up on your mortgage or negotiate with your lender.
Through the entireforeclosure process, it's smart to have a Kennewick foreclosure attorney by your side. We'll advise you on the best legal strategies at every step of the way. Call us now to schedule a free consultation to learn more about how we can help.
Can Bankruptcy Stop A Foreclosure?In Washington state, when youfile for bankruptcy, an automatic stay goes into effect, halting any debt collection activities, including home foreclosure. Creditors, including your mortgage lender, must stop all attempts to collect the debt as soon as you file. There are two types of bankruptcy to consider for foreclosure:
If you are consideringfiling bankruptcy to address foreclosure, speak to any of our attorneys in Kennewick to determine which chapter is best for your situation. Let’s take a look at how each chapter of bankruptcy impacts the foreclosure process.
How Chapter 7 Bankruptcy Relieves ForeclosureChapter 7, also called "liquidation" bankruptcy, lets you eliminate most of yourunsecured debts, which are debts withoutcollateral. Mortgages, however, aresecured debts, meaning they have the collateral of your home. WhileChapter 7 can temporarily stop foreclosure through the automatic stay, it does not offer a long-term solution to saving your home if you are behind on your mortgage. In many cases, if you're unable to catch up on payments, your lender may still move forward with theforeclosure process once the bankruptcy case concludes. However, Chapter 7 can provide breathing room to work out a solution, such as a loan modification or selling the home before the foreclosure sale.
How Chapter 13 Bankruptcy Relieves ForeclosureChapter 13 or "reorganization" bankruptcy is often a better option if you're hoping to save your home from foreclosure. WithChapter 13, you work with your creditors to create arepayment plan to catch up on your mortgage payments over three to five years while keeping your home. The automatic stay duringChapter 13 not only stops foreclosure temporarily but can also help you restructure your mortgage so it is more affordable. If you're committed to repaying your mortgagearrears and can make regular payments under a manageable plan, Chapter 13 can be an effective way to prevent foreclosure and keep your home in the long run.
Both Chapter 7 and Chapter 13 offer immediate relief by halting foreclosure proceedings, but the long-term outcome depends on your financial situation.
Kennewick Attorneys Representing Homeowners In Foreclosure DefenseOur Kennewick attorneys are here to fight for our Tri-Cities neighbors. If you're facing foreclosure in the area, we can help. In some cases, we can even help you keep you in your home. Reach out to our law office now to schedule a free consultation, and we'll go over your options to address home foreclosure.