Foreclosure in Vancouver or Tri-Cities WA
Falling behind on your mortgage payment is one of the scariest things that can happen to a homeowner in the greater Vancouver or Tri-Cities area. But, despite our best intentions, sometimes financial situations occur outside of our control that result in falling behind on payments.
This can be a stressful and complex situation to navigate for those who own a house in Vancouver, Kennewick, Richland, Pasco, or surrounding areas. If you fall too far behind in payments, the bank will eventually be left with no choice except to foreclose on your house. This would mean that you would have to give the house back to the bank through a process known as repossession.
There are all kinds of consequences of this happening. Immediately you and your family will need a place to stay, and in the long run, your credit could be impaired to the point it will be years before you can own a home again. It’s a smart idea when you are falling behind on your mortgage or believe this may happen to explore your options ahead of time.
Understanding How Foreclosure Works in Washington State
The first thing to keep in mind is that you definitely have options other than giving your house back to the bank and having your credit completely destroyed. Right away, you need to know that almost any of those options are going to be better for you in the long run. But to know what options are available to you in your situation, let’s talk through the foreclosure process very briefly.
When you miss a payment or two on your mortgage, you’ll begin to receive notifications from your lender or bank. These notifications are warnings, and, if you go long enough without contacting them or catching up on payments, your bank or mortgage company will repossess the home and auction it off to recoup whatever they can from the loss they took on your home loan.
Will you have to leave your house immediately? This depends on the particulars of your situation, your lender, and the buyer. Your best bet to be able to stay in the house as long as possible is to try to keep the lines of communication open with your lender.
What Options Do I have if my Vancouver house is facing foreclosure?
The worst thing you can do is wait until the bank has actually foreclosed on your house. At that point, there is little you can do to procure a place to stay or save your credit. You have some options to consider:
- A deed in lieu of foreclosure: In some cases, you can hand over the ownership of your house to the bank who gave you your home loan. This helps the bank to save on all the costs and work associate with foreclosure. Banks are open to this because of how much these costs run. The benefit for you in this situation is that you can avoid having the foreclosure go onto your credit history and destroy your rating.
- Sell your house before it’s foreclosed on by the bank: If you can find an investment company in the Vancouver or Tri-Cities area like Summit Development who will offer you a fair price in cash and close quickly, you can actually sell your home and pay off the mortgage debt before the foreclosure goes through. This saves your credit rating. In some cases, you may not be able to sell your home for the full amount, but in these cases, you’d only need to make up the difference.
For example, if you owed $100,000 on your home and you sold it to us for $93,000, you’d only owe the bank the $7,000 short-fall.
Summit Development is a professional home investment company that has been working in the Vancouver and Tri-Cities area for many years. If you have a home in the area and you’d like to know what we’d offer for it in cash, give us a call at Vancouver (360-667-5424) or the Tri-Cities (509-591-9196) or fill out the form on this site.
I Don’t Want to Give My House Back to the Bank! (Vancouver, Kennewick, Richland, Pasco)
The best bet you have is to work with someone like Summit Development who will pay you a fair cash price for your house as-is. Interested in getting an offer on your home in Washington State? Just fill out the form on this page or give us a call at Vancouver (360-667-5424) or the Tri-Cities (509-591-9196) for a now hassle, no obligation, all-cash offer on your house. Your credit score is worth protecting, call today!