Foreclosure Help in Washington
If you are struggling to pay your mortgage, it may be time to look into Washington Foreclosure help. There are programs and organizations that aim to make this process less daunting, easing the stress of the process during an already difficult time. Between federal programs and ones that the state offers, you can get help when you need it.
Here is a brief overview of some of these assistance programs that you can take advantage of:
- Washington Homeownership Counseling
There is a Washington Homeownership Information Hotline that you can call to speak to a counselor that specializes in homeowners dealing with financial hardship. They can give you options to consider as well as advice on what’s next during this process.
- Washington Foreclosure Mediation Program
This is a program that helps Washington homeowners who are facing foreclosure, by referring them to a housing counselor or an attorney that specializes in foreclosure to help the homeowner better understand this options. They can even view options that potentially help homeowners keep their home.
MHA (Making Home Affordable) program is a federal program that allows homeowners who have loans through Freddie Mac or Fannie Mae refinance their loans or get a loan modification. These are solutions that can help make your loans more affordable.
- Short Sale / Deed-In-Lieu of Foreclosure
Short sales take place to sell homes prior to foreclosure. This ensures that the lenders at least recoup some money for their loss and makes it so that the homeowner doesn’t suffer from long-term credit issues.
- Property Tax Deferral
Washington’s Department of Revenue has a Tax Deferral Program which can help eligible homeowners by paying up to 50% of their property taxes as well as other special assessments.
If you’re not currently in foreclosure or if you are looking for alternatives, there are options to consider such as:
There are special forbearance options that can help you through a temporary situation. This means that you can reduce or suspend the mortgage payments for a specific period of time. After this time, you will need to either make a lump sum payment or enter into a long-term repayment plan that pays back the amount during this time. This is only a good option for temporary situations and if you are able to pay it back after forbearance ended.
- Repayment Plans
In some cases, you may be able to create a simple repayment plan where you can continue to pay your mortgage but pay an additional amount that goes towards the amount you are in default. This is also a good choice for those in a temporary bind.
- Mortgage Modification
This is an option that allows you to refinance your debt and extend your mortgage term. This can help homeowners potentially reduce their monthly payments and help them catch up with any owed money.
It’s hard to find yourself in a situation where you are facing foreclosure. The good news is that there is help available to you that can help you through this process so that you can get the best possible outcomes.