Another option to stop a foreclosure sale immediately is to simply pick up the phone and see if your bank will work with you directly to stop your sale and allow you to apply for a loan modification.
Seattle, WA (PRWEB) June 23, 2016
Seattle bankruptcy attorney Richard Symmes recently shared his top three tips on how to stop a foreclosure sale in the State of Washington on the NALA’s North American Speaker Series (NASS). The NASS gives small and medium-sized business owners a unique platform to present their stories and industry expertise to a diverse, hyper-local audience through short, poignant audio segments.
In his NASS segment, Symmes lists the following three options for stopping a foreclosure sale:
No. 1: Request Foreclosure Fairness Act (FFA) mediation. “The first option, and the preferred option for many homeowners, is to stop the foreclosure by requesting FFA mediation through the Washington State Department of Commerce,” said Symmes. “This particular type of mediation, however, can only be requested by an attorney or a housing counselor who you may choose to represent you in negotiations with your bank and in preparing the required paperwork that needs to be submitted to your bank in order to obtain a loan modification.”
No 2: File Chapter 7 or 13 bankruptcy. Filing either a chapter 7 or chapter 13 bankruptcy will also stop a foreclosure sale immediately, even if one waits until the day before the sale is going to take place. The difference between filing a chapter 7 and a chapter 13 bankruptcy is that a chapter 7 allows debtors to discharge unsecured debts like credit cards or medical bills. “However, it would not resolve any issues with discharging a mortgage debt on a home you want to keep, and the process is usually completed within about 90 days,” said Symmes. “A chapter 13 bankruptcy, on the other hand, allows debtors to make up arrears on a mortgage over the course of 5 years, while also potentially being able to discharge unsecured debts.”
No 3: File a lawsuit. “However, this should always be your last resort as it can be very time consuming, expensive and stressful, and it is not something that can usually be used to stop a foreclosure sale immediately,” stresses Symmes. “Another option to stop a foreclosure sale immediately is to simply pick up the phone and see if your bank will work with you directly to stop your sale and allow you to apply for a loan modification.”
To listen to Richard’s NASS segment, please visit http://www.thenala.com/north-american-speaker-series/richard-symmes.
About Richard Symmes, Symmes Law Group, PLLC
Richard Symmes is the principal attorney at Symmes Law Group, PLLC, which was formed with the idea of delivering impeccable personal service to all clients, while utilizing technology in order to keep legal fees at a reasonable and affordable rate. For more information, please call (206) 682-7975, or visit http://www.bankruptcy-law-seattle.com. The law office is located at 1001 Fourth Avenue, Suite 3200, Seattle, WA 98154.
About the NALA™
The NALA offers small and medium-sized businesses effective ways to reach customers through new media. As a single-agency source, the NALA helps businesses flourish in their local community. The NALA’s mission is to promote a business’ relevant and newsworthy events and achievements, both online and through traditional media. For media inquiries, please call 805.650.6121, ext. 361.