Bellingham Foreclosure Defense Lawyer
If you have defaulted on your home loan, you are not alone. Millions of Americans across the country are struggling under the burden of debt and dealing with the threat of foreclosure. During these tough economic times, it can seem almost impossible to imagine a secure financial future. Do not lose hope.
At my Bellingham, Washington, law firm I am committed to helping families like yours retain their homes. Since establishing the Law Offices of Steven Hathaway, I have helped hundreds of clients successfully stop the foreclosure process. Do not make the mistake of abandoning your home or burying your head in the sand. The longer you wait to contact an experienced lawyer, the more limited foreclosure alternatives become.
Facing Foreclosure: Evaluating Your Options
Foreclosure is the process whereby real property is sold to satisfy an unpaid debt. In the state of Washington, you will typically have several months from the date of your initial foreclosure notice to stop or stall the process. The ways in which you can do so will depend upon the current holder of your mortgage, the type of loan that you have and the amount your loan servicer is authorized to negotiate. Available options may include:
- Loan modification: You can reach an agreement with your lender to permanently change one or more of the original terms of your mortgage. This could result in lower payments or reduced interest rates. Often, this is a slow and complicated process.
- Short sale: With the approval of your mortgage company, you can sell your home for less than you owe. This may be a good option if your house has depreciated in value since you purchased it. However, it may have certain tax consequences.
- Deed in lieu of foreclosure: If your bank is in agreement, you can voluntarily surrender your home rather than go through the foreclosure process. Though this can spare your credit rating, it may have negative tax consequences.
- Mediation pursuant to the Foreclosure Fairness Act: This 2011 law allows Washington state homeowners to meet with their mortgage lender in the presence of a neutral mediator to discuss eligibility for loan modifications, restructuring or other workout plans.
- Forbearance agreement: You may be able to request a repayment plan from your mortgage company that allows you to become current on payments. This agreement usually involves large payments over a short time period.
- Bankruptcy: This will immediately stop the foreclosure process and give you more time to explore the various options available to you.
To read more about your options, visit my FAQ page. As a dedicated Bellingham foreclosure defense attorney, I am committed to helping you save your home and protect your family.