Can I stop a foreclosure sale without filing for bankruptcy?

Yes, it is possible to stop a foreclosure sale without filing for bankruptcy in Washington. Foreclosure is the legal process used by a lender to take back a property if the borrower fails to make payments. A foreclosure sale is when the lender takes back the property and sells it to a new buyer. In Washington, you can stop a foreclosure sale without filing for bankruptcy by requesting a loan modification or forbearance from your lender. A loan modification is when your lender agrees to modify the terms of your loan, including the amount owed, interest rate, and/or term. A forbearance is when your lender agrees to allow you to temporarily suspend payments due to hardships such as an illness or job loss. You can also contact a HUD-approved housing counselor to help you understand your options and develop a plan to stay in your home. The National Foundation for Credit Counseling and the Homeownership Preservation Foundation both offer free housing counseling services. You may be able to take advantage of the Washington Homeownership Hotline, which provides free legal advice and referrals to lawyers who specialize in foreclosure issues. This service is available 24 hours a day, seven days a week. Finally, contact your lender’s Loss Mitigation Department to discuss other foreclosure prevention options. Discussing your situation with them prior to a foreclosure sale can provide an alternative to filing for bankruptcy and help you avoid a foreclosure sale.

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