How To Stop Foreclosure of Your House In Seattle

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March 30, 2020
By  Alex Romanov

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If the bank is threatening to take your property after all you have put into it, we can help you stop the foreclosure of your house in Seattle! Keep reading to learn about what you can do to fight back!

Dealing with the threat of foreclosure can be extremely daunting. The thought of losing your house after putting so much of yourself into it can feel devastating, and that’s not to mention the ugly marks it will leave on your credit. Nobody wants to deal with foreclosure, but luckily there are some things you can do to avoid it! In our latest post, we will help you learn how to stop foreclosure of your house in Seattle.

When it comes down to it, most lenders would rather work with you to get back on track than to put the house into foreclosure. While the process isn’t fun for you, it isn’t fun for them either. It is costly and time-consuming, and in many cases, leaves the lender with a loss as well. They will do what they need to in order to recoup their costs, including working with you to find a solution. When you first realize you are going to have trouble with your mortgage payments, reach out to your bank. If you are behind on your payments, you will likely be able to work out a repayment plan. If you think that paying your mortgage is going to be difficult going forward due to new circumstances in your life, you may want to stall the foreclosure and sell the house while you still can.

A fast sale of your house can help you to quickly pay off your mortgage without any negative marks on your credit. Listing your house in Seattle doesn’t necessarily guarantee that your house will be sold quickly. Selling in this manner can take months, allowing the bank to foreclose on the house while it’s listed.

On the other hand, a direct sale to I Will Buy House will allow you to sell your house quickly and for a great price. Working with our team will let you choose the closing date that works best for you so that you can sell the house outright before the bank comes knocking on your door. Our process is fast, convenient, and fair!

Another way to sell your house fast in Seattle to avoid foreclosure is by using a short sale. A short sale occurs when your lender agrees to take a lower offer for the house, just to save them the time and money of reselling it themselves. To do this you must apply to your lender’s short sale program and meet the necessary requirements. You’ll need to run a BPO or Broker Price Option, to help you determine the fair market value for the property.

When you declare bankruptcy, the bank will be forced to stop any collection activity against you, including the foreclosure of your home. That said, you will still be responsible for your debts. The bankruptcy court will work with you to set up a plan of repayment. Declaring bankruptcy doesn’t look good when trying to borrow money in the future, so make sure it is the right choice for you before signing any paperwork, as this should be a last resort option.

No homeowner wants to have their house taken out from under them. If you are behind on your mortgage, don’t fret. There are ways to avoid foreclosure and sell your house before the bank begins the foreclosure proceedings against the property.

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