How to Stop Foreclosure in Washington

Many Washington homeowners are facing foreclosure because they can no longer afford a high mortgage payment or are dealing with job loss. You can find out how to stop foreclosure in Washington before you are forced to move and your credit is destroyed. Depending on where you are in the process, you may be able to save your home, your credit score, or both. How much you can do depends on your circumstances, but here are a few people who can help you understand how to stop foreclosure in Washington in your particular situation.

Talk To Your Lender

If you are behind in your mortgage payments, the best person to talk to about how to stop foreclosure in Washington is your own mortgage lender. Mortgage lenders make money on mortgages, not foreclosures, and most lenders would rather work out a deal with a borrower if there's any chance of keeping you in your house, making payments.

The ways your lender can help depend largely on the particulars of your financial situation and why you have fallen behind in paying your mortgage. If you have a reduced income, but are still working steadily, you may be able to ask your lender how to stop foreclosure in Washington by modifying the terms of your mortgage. If you have already gotten back on your feet but are having trouble paying a few months of late payments, your lender can work out a payment plan to get you back on track.

Talk to A Counselor

Financial counseling is available for homeowners facing foreclosure. If you cannot work out a payment plan with your lender, contacting the Department of Housing and Urban Development's counselors may help you learn how to stop foreclosure in Washington. Sometimes, the counselors will be able to direct you to a source of interest-free loans to pay back your delinquent rent, giving you a payment plan even with an uncooperative lender. They can also talk to your bank for you if you have tried unsuccessfully to negotiate a deal.

Counselors can also tell you how to stop foreclosure in Washington with other methods, including selling your home. This would save you from the impact of foreclosure on your credit score, allowing you to buy a less expensive home or rent in the future more easily. Your lender may be willing to allow a “short sale” that lets you sell quickly for a low asking price.

Talk to A Lawyer

A foreclosure or bankruptcy lawyer may be able to tell you how to stop foreclosure in Washington in ways you had not previously thought of. While bankruptcy will have a very big impact on your credit score, filing for Chapter 13 bankruptcy may allow you to keep your house. Only a lawyer can advise you as to whether this might be a good option.

Sometimes, foreclosure lawyers can find errors in your mortgage or foreclosure paperwork that can buy you more time or keep you in your house permanently. Contact a lawyer if you want to know how to stop foreclosure in Washington using these methods, especially if you suspect foreclosure or mortgage fraud has occurred with your loan.