Have you or are you experiencing a Hardship?





In our current economy there are many homeowners that find themselves struggling due to a variety of different reasons. 




Many of our friends, families and neighbors have been laid off from their jobs or have taken wage cuts due to the weak economy.

  Some have had health problems or have gone through a divorce. 

Others have had a death of a loved one who may have been part of the financial picture in their life. 

Maybe your mortgage interest rate adjusted and you are now required to pay a much heftier mortgage payment each month. 

It's hard to find someone that doesn't know of anyone that is going through a difficult time today.  Add to that the current housing market and it isn't difficult to see why so many people are faced with foreclosure. 







In the past when faced with a difficult life situation a homeowner would/could simply put their home on the market and sell it. That isn't always a simple choice today. 

With falling home values you may find yourself owing your lender more money than you could sell your home for.  So how can you keep your home from being foreclosed on?

Loan Modification- If you have experienced a financial hardship like any of the examples above you may be eligible for a Loan Modification.  Some "Mods" will decrease your interest rate for a period of time and others will actually decrease the Principle amount owed on your loan.
 
Refinance your home- there are several refinancing options available including options for homes with equity as well as homes without equity.  

Your Lender has options - It may be possible you can reinstate your loan by making a full payment to your lender of all past due amounts including late fees.  
Forbearance - your lender allows you to delay your mortgage payment for a specified time.  Normally 3 months.  Or reduce your payment amount for that specified time.  
Payment Plan-  Your lender works with you on a repayment plan and in most cases they will want you to pay at least 1/2 of the late payments up front. 

Short Sale - You sell your home at the current market value and the Lender agrees to take less than the amount that is owed.  In Washington State the note is deemed satisfied. 

Deed - in - Lieu of Forclosure- The property is deeded back to the Lender. In many cases we have come across the Lender refusing the Deed - in - Lieu of Forclosure. 

Foreclosure - The property is scheduled for foreclosure by the Lender and sold at auction to the highest bidder.  In most cases today, the Lender is the highest bidder as they have pre-determined the starting bid amount. 

Remember, you do have options and with the help of knowledgable and experienced professionals in your corner things can look a little brighter.