Facing the prospect of foreclosure is a confusing, time-consuming and emotionally-charged time for a homeowner. The good news is the Washington State Foreclosure Process has very specific milestones in place to help consumers avoid foreclosure, by negotiating a loan modification or doing a short sale.
What are the foreclosure milestones in Washington State?
After missing a mortgage payment, a homeowner can expect to receive the following three letters from his or her lender:
Reply to a Notice of Pre-Foreclosure Options letter within 30 days and delay the foreclosure process by 60 days! This letter is communicated privately and often results in a face-to-face meeting between you and your lender.
A Notice of Default letter is your opportunity to file for mediation and potentially stop or delay the foreclosure process. This letter is communicated privately, too.
Notice of Trustee Sale
A Notice of Trustee Sale letter is your last chance to file for meditation and delay the trustee sale. Unlike the first two letters, this letter is communicated publicly, often resulting in a flood of unsolicited contacts from businesses offering to help you for a fee. A public auction of your home is now only 4 months away, leaving you precious little time to respond adequately.
Have You Applied for a Home Loan Modification?
Many people don’t realize that even though you have applied for a home loan modification, the foreclosure process clock keeps ticking. The lender will continue to move forward with the foreclosure process as the loan modification request is reviewed. If your request for a home loan modification is denied, you need to have a Plan B in place to avoid foreclosure.
It is critical that homeowners facing foreclosure meet with a real estate professional to review their options and discuss the potential legal and tax implications.
Washington Property Solutions offers FREE real estate attorney consultations as part of our service.
Call us at 425-381-2233 to schedule a free confidential consultation.