Foreclosures and short sales
Foreclosures and Short Sales
In many of the situations listed above, the sellers had the option of either selling the property or not. However, when it comes to foreclosures your options are limited.
If you are unfortunate enough to be slipping into foreclosure, there are a number of non-profit organizations, approved by Washington state that you can contact. They will provide you with independent advice on your remaining options.
Contact the Washing State Homeownership Information Hotline at 1-877-894-HOME (1-877-894-4663) or visit www.homeownership.wa.gov for a list of counselors in your area.
Beware of scam artists looking to steal any equity that you may have left in the home. The Distressed Home Owners law was passed in 2008, the main purpose of which is to protect homeowners who are in financial difficulties from being preyed upon.
Lenders highly recommend that if you are starting to fall behind in your mortgage, or believe that you will do so in the near future, that you should contact them as soon as possible. Banks do not want to end up holding the property. The earlier you talk with your lender the better your chances of saving your home by working out an alternative agreement with them.
