Stop Foreclosure in Seattle and Save Your Credit
While your credit may need help due to late payments, foreclosure can ruin it for many years. This is why you must stop foreclosure in Seattle if you can. If you find yourself unable to make payments on your mortgage and your home appraises for less than you owe on it, you may think there is no other option. What you may not know is that you can stop foreclosure in Seattle by enlisting the help of the Washington Short Sale Team.

One of the best methods of stopping a foreclosure is to put your home up for sale after getting approval for a short sale. Most lenders will agree to a short sale because a foreclosure property can sit empty for a long time. This leaves the property at risk for damage from natural elements and vandalism.

For the homeowner, a short sale is the solution for saving their credit. While you will not receive any money for the sale of the home, it does allow you to sell the home for less than what you owe on it and the lender will forgive the difference. It may still take time to remove those late payments from your credit report, but this solution prevents you from have such a big negative mark against you.

You could also try to find a buyer for the home yourself, but selling a home quickly is most likely not going to happen. Buyers today are resourceful and most like to peruse many different homes before they make their decision. If you do already have someone interested in your home and they are willing to pay the full price of what you owe on it, keep in mind that if it does not appraise for the amount they are borrowing from a lender, the sale will most likely not go through.

For many people, the Washington Short Sale Team offers the best solution. They can stop foreclosure in Seattle on your home and allow you to get back to focusing on you and your family. They can help to give you the fresh start you need.

If you are struggling with financial difficulties and a potential foreclosure looms over the horizon, you need to arm yourself with some tools that will stop foreclosure in Washington. One of the best tools used to stop foreclosure proceedings is a short sale.

A Closer Look at Short Sales
A short sale is the process of selling your home for less than what you owe. Upon completion of the short sale, your mortgage lender will satisfy the mortgage debt that you owe. However, your lender must approve the short sale and you must meet a few specific requirements to qualify:

• You must owe more on your home than it is worth.
• You must have faced some type of hardship, which includes unemployment, divorce, medical emergencies or a job transfer.
• You must be in default on your mortgage and facing foreclosure.

Although a short sale prevents your home from going into foreclosure, you will still lose the property in both instances. However, a short sale has several important benefits than just letting your home go into foreclosure. Here are a few of those benefits:

• Your credit score remains intact, whereas a foreclosure devastates your credit score.
• You avoid a default judgment by the courts, which often leads to deeper debt.
• Instead of the bank forcing you out of your home, the bank works with you to find a buyer for your home.

In the state of Washington, there is very little downside to pursuing a short sale if the bank is ready to foreclose on your home. In order to take full advantage of what a short sale can offer you, you should speak to a short sale specialist. A specialist has the experience you need in dealing with not just banks but loan servicing companies and credit unions. A specialist will also help you find programs that offer alternatives to foreclosure.

Short Sale in Washington State: What You Need To Know
For many Americans who struggle to make ends meet each month, the fear of losing their home is very real. However, before resigning oneself to foreclosure, it is important to understand that there are other options available. One of the best choices for homeowners struggling with their mortgage is a short sale in Washington State.

Foreclosure is the worst option possible for homeowners. During foreclosure, the bank takes possession of the home and the residents are evicted. The process is traumatic for homeowners, who have many memories in the home, and it is not ideal for the lender, which may not recuperate the full value of the loan. A short sale, therefore, is often a preferable alternative for everyone.

During a short sale in Washington state, the homeowner and the lender seek a buyer together to offset the debt. Therefore, homes sold by short sale are often reduced in price. The amount is determined by how much the home is worth and how much the homeowner still owes. Because the home is listed at a bargain price during a short sale, it is often sold quickly and with no questions asked.

The advantages of a short sale extend to all parties involved with the process. The lender is able to get the money needed to cover the debt. The buyer is able to purchase a new home at a reduced price. Most importantly, the owner does not have to go through the process of foreclosure, which can leave homeowners bankrupt, exhausted and emotionally spent.

A short sale in Washington state must be completed before the foreclosure process begins. While there are many advantages to selling the home in this manner, it is not a process for every homeowner. All homeowners should assess their financial and legal situation closely before pursuing a short sale. Other alternatives for loan renegotiation may still be available in some cases, allowing homeowners to keep paying their mortgage at a more affordable rate. However, when all other options have been exhausted, a short sale may be the best solution to avoid foreclosure and satisfy the loan.

If you’re late on your mortgage payments and can’t afford to catch up, you are likely worried, confused, and unsure how to proceed. One option that’s not commonly explored by homeowners in hot water is the deed in lieu of foreclosure. Read on to learn the ins and outs of this program and how it might apply to your specific situation.

With a deed in lieu of foreclosure, the bank holding your mortgage agrees to forgive the terms of the loan in exchange for the deed to the property. While this means you no longer own your home, it also means that you no longer owe the balance of the mortgage.

This could be a beneficial solution for those who are under financial hardship and have been unable to refinance or otherwise modify the mortgage, causing you to either fall behind on payments or come close to falling behind. It’s also an option for those who owe more on the mortgage than the home is worth or can no longer afford the home and are ready to leave it behind but have been unable to sell the property.

In many cases, deed in lieu of foreclosure allows homeowners in financial distress to avoid the negative credit impact of a foreclosure and have flexible options in transitioning into a new home. In addition, those in some states may be eligible for up to $3,000 in relocation assistance in exchange for leaving the home in excellent condition before moving out.

If you’re interested in learning more about deed in lieu of foreclosure, the first step is to contact your mortgage holder to find out whether this option is available and complete application materials for this program. You’ll need to provide information to support your financial picture, including monthly income and debts. In most cases, this process takes about 90 days to complete for those who are eligible.

Understanding the Short Sale Process
Short sales are a fortuitous opportunity for the lender, seller and shopper or investor.

Short sales are a process where a lender is willing to accept a mortgage payout from a third party with the amount being less than what is owed. The lender facilitates this sale for an owner who is financially distressed and is likely better off selling the property rather than fall deeper into debt and mortgage default. With the property sold below its value, the remaining balance on the mortgage is forgiven and not expected to be repaid.

Lender’s Advantage

From the lender’s point of view, a short sell is a good move compared to a default mortgage. Foreclosure would mean a big debt left on their doorstep and no immediate means for recovery. A short sale is the best way for the lender to get a significant portion of the mortgage back. Lenders, in general, would prefer avoiding a nasty foreclosure with its legal fees and drawn out process. Foreclosures have a negative impact on lenders and the real estate market. Under the right circumstances, it simply makes sense to initiate a short sale before the situation gets worse.

Shopper & Investor Advantage

With a short sale, shoppers and investors have a chance to acquire a property at a significantly reduced price in a volatile market. Short sales can involve residential and commercial properties of all types. If you are looking to expand your business, a short sale may be the way to go as a viable warehouse or office building could suit your needs. The home of a shopper’s dreams could be waiting on some short sale list right now.

Seller Advantages

There is only one true advantage for the seller. The short sale means getting out from under a debt they’ve lost control of. This is especially critical if the mortgage balance is more than the property’s appraised value.

If you’re interested in a short sale, get in touch with a reputable provider of services in short sales. It can be a complicated process and counsel of an experienced adviser will be invaluable.

Understanding Short Sales
Many people today still struggle with the concept of short sales and why they would need to sell their homes through the short sale process. Homeowners with mortgages commonly confuse short sales with the foreclosure process. However, a short sale and a foreclosure are far different and mortgage holders who owe more on their houses than they are worth need to understand the difference. The good news is that the short sale process is not hard to understand.

Defining Short Sales
The definition of a short sale is when banks and mortgage lenders agree to allow homeowners to sell their homes for less than they owe on their mortgages. Banks and mortgage companies only grant short sales to borrowers who are suffering some sort of financial distress, and the borrowers must owe more on their mortgages than the actual value of their homes. Typically, borrowers must be behind on their mortgage payments and facing the threat of default. Here is where the difference between short sales and foreclosures stands out.

How Short Sales Benefit the Sellers
Short sales prevent borrowers from facing foreclosure proceedings. If banks grant short sales to homeowners who are behind on their payments and facing financial distress, banks will place a hold on the foreclosure proceedings until the actual sale. In essence, a short sale is a preventative measure to an actual foreclosure where the homeowner loses their home and is still responsible for the balance of the mortgage.

How the Short Sale Process Works
Homeowners who want to pursue short sales to avoid the foreclosure process must first prove to the mortgage holders they are suffering from financial hardships. Examples of hardships include divorce, unemployment or reduced work hours, medical conditions or a pending bankruptcy. Homeowners then need to prepare financial packages for the mortgage holders, and each package contains information such as two years of tax returns and W-2s, the most recent payroll stubs and the last two months’ worth of bank statements. Although banks set their own guidelines for approving short sales, the basic procedures remain the same.

How the Short Sale Process can Help You

Getting a house off your hands with using the short sale process will help you avoid other things that you do not want to have happen with your house. Some people might try to do a deed in lieu, but you can sell that house to get it off your hands faster. You might sell it for less than you owe, but you will make the bank happier.

short sale processA short sale involves working with the lender, but you also need to have an agent who is there to help you find a seller. These sales require more paperwork, and you must have an agent with you who will help you go to closing with the right documentation. You will be forgiven for all the debt that is left on the table, but the house will be sold. You can actually manage this sale like you would any other sale, but you will sell for less than you owe when it comes time to close.

The representative from the bank needs to be able to work with your agent to make sure the short sale is handled the right way, and you need to have the cooperation of the bank so that they can discharge the debt for you. You are not off the hook until the bank says that you have done what you are supposed to do. The bank will let the local government know that your debt has been fulfilled, and you will get a discharge letter from the local government, too.

The short sale can be done with any seller you like, but the closing must be handled by a lawyer who does this often. The paperwork takes a little more time to complete, and you need to make sure that you have taken the right steps to get people involved who can help you. You do not list your home for less than you owe only to tell the bank that they are out of luck. Everyone has to be involved from the beginning so that there is no confusion about what you are doing. Anything less is technically illegal, and the bank will want the rest of their money.

The specialists at Washington Short Sale Team can get your short sale done pretty quickly if you need to get out of the house in a hurry, and you will be able to move on from the house that is clearly too much for you. There is no shame in doing a short sale because you cannot afford the house anymore, and you can correct problems you have had with your mortgage because you are under water. There are a lot of people who want to get their homes sold because they need to move, but you do not have to worry about the value of the house and your mortgage when you do a short sale.

You ask for a short sale when you get started with the process, and an agent at Washington Short Sale Team will guide you until closing where the house is no longer your problem. Contact Washington Short Sale Team at (206) 852-7026 and speak with a short sale specialist today.

How to Find a Great Deal on a Short Sale Seattle

In Seattle Washington, among the many things you can look out for is a short sale when looking to buy a home. When looking for short sales in Seattle, you need to look out for some of the issues that may occur with the short sale. For one thing, it can become costly if you are not careful. When you are careful to watch out for any pitfalls, the short sale Seattle will turn out to be a great deal for you.

short sale seattle washingtonOne thing that is important when buying short sales, you should always consider why it is a short sale in the first place. While foreclosures and short sales come as a result of not being able to pay the mortgage, there are other problems that could result from the issue. One problem to watch for is the problems with the property. The previous property owners that were unable to pay the mortgage have shown that they could become spiteful depending on the circumstances. One example is that they take their frustration out on the property itself.

When buying a short sale or a foreclosed home, it is important to go through the whole short sale process which includes the inspection. The inspector needs to take the time to find some problems. He will then give you an estimate of what he finds. If there is a problem, he has to give you an idea on how much it will take to fix it. It is also important to do research in order to find a solution that you could afford.

When looking at a short sale home in Seattle, it is important to do some extra research on the home. For one thing, when foreclosed is sold, it is sold from the bank on an as is basis. One thing to look for is any renovations that have not been permitted. If there are any renovations that have not been permitted, then you can get a citation from the city.

When looking at a short sale home, it is important to make sure that you are not falling for a home that has a lot of problems with it. For one thing, a home should be seen as an investment. While it can be satisfying to purchase a home at the moment, you also have to think about a few years down the line. If the home falls by 20% in price and value, then that might not look good. Also, you have to look at the amount of money you have to put in your property in order to increase the value. For instance, if you have bad news or a warning about a short sales Seattle Home, then you are going to have to listen to the news and not just accept the home as is. There are some homes that are not worth buying and living in. For more information on a short sale or the short sale process on Seattle, contact Washington Short Sale Team at (206) 852-7026.

Stop Foreclosure Tacoma Washington and Increase Peace of Mind

Foreclosure is a horrifying experience for anyone to have to go through following the loss of income, a divorce or some other finance-altering life event. Foreclosure proceedings occur when the homeowner is unable to pay his or her mortgage for several months, thereby defaulting on the lending agreement. The economic downturn of 2008 had much to do with the increased number of foreclosures over the following years continuing until now. However, the experts at Washington Short Sale Team can help stop foreclosure Tacoma Washington and in the surrounding area.

stop foreclosure tacoma waOne way to stop foreclosure is to proceed with a short sale. A short sale can be beneficial for both the borrower and the lender because it avoids the negativity associated with a foreclosure. Lenders do not like to end up with a distressed property, and they typically have trouble selling foreclosed homes. In addition, the homeowner does not want to have a foreclosure on his or her record because it can destroy a credit score and limit the type and amount of loans to be taken out for up to seven years in the future.

A short sale allows the homeowner to sell the house on his or her own terms. The lender agrees to let the house sell for less than what is still owed on the mortgage and forgives the deficiency. Of course, the homeowner will not make any money off the sale. However, the individual will not have any mortgage debt and will not have a black mark on a credit report.

Another option is for the homeowner to voluntarily pursue a deed in lieu of foreclosure with the lender. Sometimes, this is seen as a less desirable option, particularly by the lender, because the lending agent will then have to find their own buyer for the home. With a deed in lieu, the homeowner signs over the deed of the home to the lender, and the lender agrees to cancel the debt, known as the deficiency balance. This will also not leave a black mark on the individual’s credit report. However, depending on the legalities, he or she may be required to pay taxes on the deficiency balance forgiveness because it may be seen as income.

Not every real estate agent has the knowledge and experience necessary to work with homeowners who are in these distressed circumstances. Those who want to stop foreclosure Tacoma Washington should check with the professionals at Washington Short Sale Team who can discuss the intricacies of each of the options. They can be the mediators between the homeowner and the lender and can file the appropriate paperwork, list the home for sale and generally provide peace of mind for the homeowner.

Deed In Lieu of Foreclosure in Washington State

Short sale and deed instead of foreclosure are often very similar but with some differences and this depends on the situation. Deed in Lieu of Foreclosure is an alternative to the foreclosure. In a deed instead of foreclosure, the owner of the property gives it to the lender willingly in a swap for the lender canceling the mortgage. The deed of the property is the item transferred. The lender will promise to terminate any foreclosure proceedings that may be already underway and also not to initiate any foreclosure proceedings. The lender in this situation may agree or not to forgive any shortage balance that may result in the property sale. Contact Washington Short Sale Team for more information on the deed in lieu of foreclosure process.

Is Short Sale a Better Option

deed in lieuThe lender and property owner of the home may opt for a short sale on a home. The lender will agree to take less than the owed balance on the mortgage through a short sale. The deficit balance can be forgiven. Most often, mortgage companies ask their borrowers to accept the liability for any deficit balance. If you are considering a deed instead of or a short sale, you must go through their conditions and terms carefully and understand if the deficit balance is forgiven. Unlike in the deed instead of foreclosure, property ownership will remain with the owner and will not be transferred to the loan holder.

Most lenders will choose short sales just because they don’t like owning bothered properties. They will opt not to take the property due to foreclosure but rather see the property owner sell and will lose the deficit balance because foreclosure consumes a lot of time and money. Whether the lender picks a short sale or deed instead, it entirely depends on how they balance their risk and how their books will appear concerning the bothered property. The decision can also be impacted by local laws. A lender is also required to issue a file 1099C if he forgives a debt that exceeds $600 like in the deed. The mortgage debt relief act offers relief to the former owner for a forgiven debt.

If The lender Rejects Deed in lieu of Foreclosure or Short Sale

If the lender does not allow foreclosure deed instead or short sale, the last option is foreclosure even though it will present major problems. These actions yield less money that even a normal sale. If the sale happens to bring less of the owed amount, then the deficit amount will be forgiven. It is possible to mitigate the impact of filing bankruptcy because of the deficit balance if the home falls into foreclosure. The deficit balances are treated as bankruptcy. If the mortgage lender does not allow for reselling of the home, then bankruptcy will be the best option. Contact Washington Short Sale Team for more information on the short sale process and a deed in lieu of foreclosure (206) 852-7026.