Foreclosures arise when a debtor is unable to pay their lender for the cost of their mortgage payment they initially agreed to. All states have certain laws and rules when it comes to foreclosure but you have rights as a homeowner in the state of Washington. A Washington foreclosure attorney can help you become more aware of what these rights are to ensure they aren’t violated and that your lender is handling the issue fairly. Your lender, on the other hand, has rights as well and they are permitted to take action when they haven’t received your monthly mortgage payment.
What is the Pre-Foreclosure Process in Washington?
When entering into the foreclosure process, you have what is called the pre-foreclosure stage. Generally, you receive a 15-day grace period from your lender to make your mortgage payment and may be required to pay a fine seeing that your payment is late. Once that passes and you go beyond 30 days without paying, you are then considered in default and your home has now entered into the pre-foreclosure process. Some of the things you can expect from your lender include:
- Phone calls
- A demand notice within 90 days of you missing your mortgage payments.
The pre-foreclosure process is still a time where a homeowner can rectify the situation and begin making their monthly installments they agreed upon. But what happens if you were went into default because you lost your job or had a medical emergency? During this phase of the foreclosure process, you can request that your lender set up a loan modification. This would allow you to have your monthly payments reduced and a chance to keep your home. The bank is going to verify that you truly are unable to meet your initial payment agreement first before providing you with a loan modification.
If you are currently at risk of losing your home and this is something you feel you want to learn more about, our foreclosure attorneys in Washington would be more than happy to assist you.
What are my other options to avoid foreclosure in Washington?
Another option you might want to discuss with one of our Washington foreclosure lawyers is whether you should sell your home to recoup the money to pay for what you owe to your lender. In some instances, when a home goes into the pre-foreclosure process and a loan modification is not an option, the homeowner attempts to sell their home to a buyer at a price lower than the appraised value according to Home Guides.
There are pros and cons to doing this which is why you should speak with one of the featured foreclosure lawyers found on our site first.
Parting with your home might not be something you want to do but you may be struggling to figure out how you can keep your home at an affordable rate. With the help that our Washington foreclosure lawyers can provide you with, you might learn that there is something that can be done that will allow you to keep your home and avoid losing it to foreclosure.