What options do I have to avoid foreclosure?

If you are struggling to make your mortgage payments in Washington and are facing foreclosure, there are several options available to help you avoid foreclosure. The first option is to apply for a loan modification. Loan modifications involve changing your terms of the loan so that you can continue to make your payments. This includes reducing the interest rate, extending the loan length, and lowering the monthly payments. You can apply directly with your lender for a loan modification, or you can seek assistance from a housing counseling agency. The second option to avoid foreclosure is to apply for a forbearance. In a forbearance, the lender temporarily suspends or reduces your monthly mortgage payments for a specific period of time. During this period, you can catch up on missed payments or set up a payment plan to repay the missed payments over a certain period of time. The third option is to apply for a short sale. A short sale involves selling your home at a price that is less than what you owe on the mortgage. Your lender will approve the sale and use the money to pay off the loan. Finally, you can apply for a deed in lieu of foreclosure. In a deed in lieu of foreclosure, you transfer ownership of your home back to the lender in exchange for the forgiveness of your debt. No matter which option you choose, you should speak with a housing counselor or legal advisor to ensure that the option is right for you. They can help you make the best decision to avoid foreclosure and keep your home.

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What options do I have to avoid foreclosure?

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