There are many misconceptions about home owners who are facing foreclosure, one of the biggest being the idea that the process is inevitable. There are steps you can take which may help you to avoid foreclosure altogether.
If you’ve fallen behind on payments, you’ll likely begin to receive calls and letters from your mortgage holder(s). Do not ignore them! It is imperative to contact your lender to begin a dialog with your bank. You will hopefully be able to find out whether and how they will work with you.
Educating yourself is the first step.
Here is a link to Washington State HUD approved counseling services. There are possible alternatives to Foreclosure and anyone in financial distress should be aware that there are some unscrupulous investors and scam artists looking to prey on local homeowners. Don’t be fooled by ads stating “we will buy your home for cash” or other “too good to be true” offers.
If it seems to good to be true….it IS!
There are honest Lenders, Brokers and attorneys who are willing to help you now!
Some lenders will suggest you list the home for sale prior to the foreclosure date. Even if your home, at current market value, is worth less than you owe, lenders often will work with you and your real estate professional to negotiate a sale even though their payoff will be less than what you owe. Most banks do not want to foreclose on you and would much rather try the short sale route. In order to determine the current market value of your home, you should consult an experienced Realtor or licensed Appraiser.
I’m not an attorney, accountant or financial planner, but as a licensed Real Estate Broker, my team is comprised of an attorney, an experienced closing/negotiator and transaction coordinator. If you need help, please contact me so that I can help point you in the right direction to get you the answers to your questions and hopefully a solution for your personal situation.
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Colleen Fischesser is the Broker/Owner of RE/MAX Select in Maple Valley, WA. She has been successfully selling and marketing properties all over South King & North Pierce counties since 1990 but specializes in the Maple Valley Washington area. She may be contacted directly at: 425-432-5400
Copyright 2009, All Rights Reserved Colleen Fischesser
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