What options do I have if I'm facing foreclosure?

If you are facing foreclosure in Washington, your first step should be to contact a lawyer knowledgeable in residential real estate law. Your lawyer can advise you of all your options. Depending on your particular situation, some possible options may be loan modification, forbearance, repayment plan, deed in lieu, cash for keys, short sale, or bankruptcy. Loan modification is when a lender agrees to change the terms of your loan, such as the interest rate or other terms. Forbearance is when a lender agrees to temporarily suspend your mortgage payments for a set period of time. A repayment plan allows you to make up missed payments over time. A deed in lieu is when you sign your deed over to the lender instead of going through foreclosure. Cash for keys is when the lender agrees to pay you a certain amount of money in exchange for you moving out of the property, handing over the deed, and taking care of the home in the process. A short sale is when you sell the property for less than what is owed in order to avoid foreclosure. Bankruptcy can be used to delay or prevent foreclosure. No matter which option you choose, it’s important to act quickly in order to have the best possible outcome. Consulting with a lawyer who specializes in residential real estate law in Washington is your best bet to finding the best course of action for your particular situation.

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What options do I have if I'm facing foreclosure?

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