This is all your options to find a solution to your mortgage foreclosure
DISCLAIMER: We are not attorneys, and nothing contained herein should be considered legal advice. The options discussed are not guaranteed solutions and are subject to various approvals and circumstances beyond our control. Bankruptcy proceedings are subject to court approval and may not always be granted. Loan modifications are contingent on lender approval and may not fully settle the debt, particularly in cases involving a second mortgage. All terms and conditions will be outlined in the official approval letter.
Please be advised that the seller retains the right to cancel any and all contracts at any time. Ensure that this right is clearly stated in your listing contract. Additionally, some outcomes may have tax implications. We strongly recommend consulting with a licensed CPA to understand any potential IRS liabilities that may arise.
Loan Modification
If you're struggling with your mortgage, a loan modification can help you work with your lender to lower your monthly payments and keep your home. Seniors and disabled individuals may qualify for reduced property taxes to help with payments. Visit your county assessor’s website for details on the Senior Exemption Property Tax program. Loan modifications are typically for owner-occupied homes, but some non-owner properties may qualify.
Sell Your Home
If you’re falling behind on mortgage payments, selling your home is a smart way to avoid foreclosure and protect your credit. You can sell your property through a traditional listing with one of our expert brokers or explore a fast, hassle-free cash offer—especially if you need to move quickly. In many cases, you can still walk away with equity from the sale. Even if you owe more than your home is worth, a short sale is an option to settle your debt without going through bankruptcy.
Short Sale
A short sale allows you to sell your property for less than you owe. One of our expert brokers will secure an offer for your property and negotiate with your lender to settle the debt. The approval process takes 60–90 days as the lender reviews the offer and orders a valuation of the property. Once approved, the sale moves forward like a normal real estate transaction.
Bankruptcy
Bankruptcy can feel like a frightening option when facing financial challenges, but understanding what it involves is crucial. While it may offer a fresh start, it comes with significant consequences and complexities. Knowing the facts can help you decide if it’s the right path for your situation.
Deed in Lieu of Foreclosure
This is when you sign the house back over to the lender to avoid going through the foreclosure process.
This will still result in a foreclosure on your record
Contact Us
Free Consultation through E-mail, Zoom, Phone Call or Text
Based in WA state, serving clients nationwide
foreclosurecounseling@mail.com
(206)423-3989
Not sure what to say? Here are some details that will help us provide you with clearer and more specific advice:
Condition of property
Amount in arrears
Amount owed
Current value (if known)
Type of mortgage (VA, FHA, etc.)
Are all borrowers and owners available?
What is your ideal outcome?