How can I avoid foreclosure?
Foreclosure is when the lender or mortgage servicer takes back the property after the homeowner falls too far behind on their mortgage payments.
Facing foreclosure can feel overwhelming, but you may have more options than you realize. The most important thing you can do when you’re having trouble paying your mortgage is to take action.
In most cases, the worst thing you can do is nothing. Let’s look at some of the options and approaches we can discuss to help you avoid foreclosure:
- Loan modification: Allows you to permanently adjust the terms of your loan, lowering the interest rate or rolling the delinquent amount into the loan and re-amortizing the new balance to get your loan current.
- Repayment plan: If you suffer a short-term financial setback (such as expensive car repairs or a medical emergency), your lender might provide some breathing room by agreeing to let you pay off your missed payment in two installments over the next two months.
- Bankruptcy: Filing for bankruptcy creates an automatic stay which prohibits your creditors from pursuing any collection activities.
- Short sale: yhis happens when the lender allows you to sell the house for less than the outstanding loan amount, takes the proceeds and forgives any remaining debt.
- A deed in lieu agreement: Yhis involves turning over your home to a lender voluntarily to avoid foreclosure proceedings.
If you are concerned about losing your home, you don’t have to face it alone. It’s important to not wait until the last minute to contact an attorney and get the help you need. Contact our office today by calling or texting (206) 408-8158 for a consultation regarding your options to avoid foreclosure and a breakdown of the process.
19803 1st Avenue S.
Normandy Park, WA 98148
T (206) 408-8158
F (206) 374-2810
EDITOR’S NOTE: Sponsored Posts like this are paid, “Native Advertisements” that help businesses and organizations improve their internet presence and all-important SEO. South King Media also underwrites fundraisers from local nonprofits. To learn more about how your business can directly reach our expanding, engaged audience in South King County, please email Theresa Schaefer at [email protected].