Can I get a loan modification during a foreclosure?

Yes, you can get a loan modification during a foreclosure in Washington. A loan modification is a negotiated change to your loan that can lower your monthly payments, reduce the interest rate, or extend the term of the loan. In Washington, loan modifications are available to homeowners in the foreclosure process. In Washington, a loan modification is offered by the lender or servicer of the mortgage through a program known as the Home Affordable Modification Program (HAMP). This program is designed to help homeowners avoid foreclosure and keep their homes. HAMP offers loan modifications to borrowers who are experiencing difficulty making their mortgage payments. Under HAMP, homeowners can work with their lender to establish a new payment amount based on their financial situation. To be eligible for HAMP, homeowners must show that they are facing financial hardship, such as a job loss or a medical emergency, and must demonstrate the ability to meet the new payment amount. It is important to note that loan modifications do not stop a foreclosure, and must be agreed to by both the lender and the borrower. If you are in foreclosure, it is important to contact your lender as soon as possible to discuss loan modification options. Contacting a housing counselor may also be beneficial.

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