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Steps to avoid Foreclosure

If you fail to make your home mortgage payments, foreclosure may occur. Foreclosure is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. We have helped many families stay in their homes, and we can help reduce some of the stress and uncertainty that comes with the foreclosure process. In order for us to provide the best advice for you, we’ll need to know what your objectives are. You may want to save your home, not stay in your house, etc., no matter the case there is a plan that can be best for you and your family. Let’s take a look at some of the options and approaches we can discuss to help you avoid foreclosure:

Loan modification allows for permanent changes to be made to the loan. With this option, Washington homeowners can avoid foreclosure and keep their family home. This also can reduce monthly payments to a more affordable level.

Special forbearance may allow your lender to arrange a repayment plan that would be based on your current financial situation. It can reduce payments and if you have received an involuntary reduction income or increase in living expenses, you may qualify for this.

Filing for bankruptcy creates an automatic stay which prohibits your creditors from pursuing any collection activities.

Short sale is when the lender agrees to accept a sale price that is less than the outstanding balance of the loan.

A deed in lieu agreement is an arrangement where you give your mortgage lender the deed to your home. Homeowners agree to deed in lieu agreements to avoid foreclosure.

Many clients can become overwhelmed with the mailings they receive from mortgage companies, so it is important to have an experienced attorney who can help you. Do not wait until the last minute to contact an attorney and get the help you need. Waiting to get help eliminates certain options that may have been available in the beginning.

If you think you may default on your mortgage soon, or are already facing foreclosure, contact our office today! You can reach us at (206) 408-8158 or email us at [email protected] for a consultation regarding your options to avoid foreclosure and a breakdown of the process. We look forward to assisting you!

DAL Law Firm: Steps to avoid Foreclosure 1

Contact us:

19803 1st Avenue S.
Suite 200
Normandy Park, WA 98148

T (206) 408-8158
F (206) 374-2810

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