With the massive effect of recent economic recession, it has been very difficult for most middle class American citizens to deal with their monthly mortgages. This becomes the real situation in real estate industry in the recent months. Unemployment rate has surged to its highest and most employees that had been laid off have left with limited option on their pocket.
Foreclosure is an action taken by the lender or a bank to repossess the property loaned. This happens when failures of payments are made consecutively. After 4-6 months with no payment registry to the bank, a pre-foreclosure notice is sent to the borrower. The terms and options are written on the letter. This is very important for the borrower to think about. Options can be weighed after knowing bank’s requirements. In usual setting, a payment is asked to cover all the unpaid mortgages. If payment is made, everything would be settled. If not, there are other options to prevent foreclosure.
If the two are not feasible, you come to the final option. This is not good, but it is the best you can have especially if you cannot work on your payments. That option would be selling it prior to the foreclosure. This can be tricky so you better be sure what you do. Selling it is like losing it, but you would not go empty handed. First, know your account history. Studying it may give you better view of the situation. It is usually included on the demand letter or pre-foreclosure letter from the bank. But if not, this can be requested from them.
Second, coordinate with your bank. Ignoring it may cost you lose your property. Typically, entering in a deed in lieu of foreclosure is your last option. This can happen very fast so the borrower should be ready to evacuate anytime. Once the process is started, consulting to experts on step by step process is highly advised. This is something you want to talk with your agents as your last option. This may be painful, but legally it is your final step.
Kirkland WA Homes For Sale is available for consultation. You may reach us through our contact details or send us an email via this site. We are here to help you with your real estate concerns.