Avoiding a Foreclosure in Vancouver or Tri-Cities Area, Washington
The housing market continues to rebound, but not quickly enough for many homeowners in Vancouver and the Tri-Cities area. Being behind on mortgage payments is a place no homeowner wants to be. Things can quickly go from bad to worse if the bank decides to proceed with a foreclosure – which will leave you without a home and damaged credit making it extremely difficult to become a homeowner again.
Many home owners who fall behind on their mortgage panic and assume that foreclosure is inevitable. The truth of the matter is that there are several things you can do in the current housing market in Washington to avoid foreclosure – even if you are already so far behind on your payments there is no way you can catch up:
Some Things You Can Do to Avoid Foreclosure in Washington State
Ultimately, walking away from your house hurts not only you, but your neighborhood. Take a look at some of the cities across the US where this has become a trend and you can see once prosperous neighborhoods becoming decrepit while property values plummet.
So quite literally, for everyone involved, avoiding foreclosure is a better option than pursuing it – even your lender would likely rather avoid dealing with a foreclosure. This means you do have some options. These include:
Option #1 – Getting Some Government Assistance
Many programs have been implemented in the past decade that help people struggling to make their mortgage payments. The Home Affordable Modification Act, in particular, provides the possibility of modifying loan payment to reduce the monthly amount. Other programs, like the Home Affordable Refinance Program, may allow you a way to refinance into a low-interest, fixed-rate mortgage.
The downside here is that there are eligibility requirements. This means that, depending on different circumstances, you may or may not qualify for the aid these programs offer.
Option #2 – Talking to Your Lender
If you have maintained good lines of communication with your lender, they may be open to offering you a solution other than foreclosure. Obviously, this will be up to the lender in your situation and the relationship you have with them. The bottom line here is that when it comes time to negotiating any alternative to foreclosure, the more open and honest you are with your lender, the more apt they will be to make whatever solution is on the table easier to achieve.
Option #3 – Sell Your Home to a Real Estate Company
One thing you need to realize about facing mortgage: the sooner you can accept you won’t be able to stay in the home long-term, the more options you’ll have to explore. The priority at this point should be protecting your credit and ensuring your family has a roof over their heads. With that focus, reaching out and selling your house to a Real Estate Company like Summit Development can be a great option because it keeps your lender happy and avoids having your credit rating destroyed by a foreclosure.
If you own a home in Vancouver, the Tri-Cities Area, or anywhere in the surrounding parts of Washington state and want to know more about your options, give Summit Development a call at 360-667-5424 or fill out the form on our Contact page.