Five Alternatives to Foreclosure in Washington State

Posted by Joseph Richardson on Thursday, August 9th, 2018 at 11:17am

Alternatives to losing your home in a foreclosure

Foreclosure Alternatives in Washington State

In Washington State, there are options available to you that could help you avoid going into foreclosure or losing your house. Talk to your lender first. Find out how willing they are to work with you and what options they have that could help you.

  1. Adjusted repayment plan
    If you are having a temporary short-term financial setback, your lender may allow you to pay off your past due amounts in installments over several months.
  2. Modify your existing loan
    Remember, your lender really does not want your house back. In most cases, they would rather work with you to avoid having to foreclose. They can, at times, adjust the terms of your loan. They may be able to lower your interest rate, lengthen the amortization schedule, or roll the back unpaid payments into a new loan and re-amortize the balance.
  3. Short Sale
    If the amount you owe on your loan is more than your property will sell for, your lender may allow you to sell your home for less than the outstanding loan amount and forgive you of the remaining debt. Please see the section on arranging a short sale for more on this topic.
  4. Short Refinance
    If your home has dropped in value, your lender may be willing to refinance the outstanding balance into a new loan and forgive you your original balance.
  5. Sell your home
    Contact us today for a free evaluation of your home's value in the current market. We can even help you estimate how long it will take to sell.

We are happy to give you the information you need to make an educated choice about your options. Reach out to our trusted team - call (425) 232-7107 for honest real estate advice.

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