Stop Foreclosure Seattle with Washington Short Sale Team
Prevailing economic climes of late have led many Washington State homeowners into desperate financial straits that prompt equal desperation of going any lengths to prevent ever-looming foreclosure dates that will permanently seal far worse fates. Besides involuntary forfeiture of every cent previously spent to obtain and maintain what’s probably both their single biggest asset, these beleaguered souls face bleak future prospects of hounding for life by bankers demanding huge deficiency balances. Given such harsh realities, a growing number of local homeowners urgently need help fast to stop foreclosure Seattle. Luckily for Seattle Washington home owners there is such help. The specialists at Washington Short Sale Team can help stop foreclosure in Seattle and save your credit from bankruptcy.
Duo of Huge Downsides Hides within Widely Advised Strategy to Stop Foreclosure Seattle
Most attorneys advise distressed homeowners that declaring bankruptcy is the best way to prevent, delay or bring instant halt to foreclosure proceedings. The underlying rationale is that cooperation in less formal venues like debt renegotiations is voluntary for creditors that must comply with court-ordered protective measures. Though logical at first blush, this reasoning is seriously flawed because it fails to account for many big drawbacks of filing bankruptcy that may even be self-defeating.
First, bankruptcy leaves huge credit bruises that constantly linger and come back to haunt for at least a full decade. Its lasting adverse side effects manifest as outright denial or exorbitant interest rates for any future credit advanced to formerly bankrupt debtors. Secondly, it doesn’t solve a serious dilemma of many homeowners who are underwater in mortgage debt that exceeds current market value of subject property.
Two Great Ways Offer Fast Means that End with Stop Foreclosure Seattle Washington
Fortunately, a long-proven rule known as Newton’s Third Law that holds every action has an equal and opposite reaction is equally true in both fiscal and physical realms. In contexts of effective solutions to stop foreclosure, it manifests as a lack of long-term consequences that filing bankruptcy causes.
The first reactive foreclosure antidote is called “short sale” in Seattle Realtor parlance. This practically surefire cure entails home sales at less than current owners’ outstanding mortgage loan balances. That factor alone often equates to far shorter than average time to final close of escrow. As prior lender approval is required, short sales typically leave no large deficiency balances behind to haunt the former debtor’s finances for years.
A second viable solution is dubbed in lawyer verbiage as “deed in lieu of foreclosure.” This strategy requires voluntarily relinquishing all title and property ownership rights to the lender in exchange for erasure of all residual debt or severe credit damage that would otherwise result from bankruptcy or full-blown foreclosure proceedings.
Parting Words to Help Encourage Homeowners Escape Extreme Economic Hardships
When it’s all said and done by close of every business day, foreclosure will always remain as last resort that rational lenders never want to take any case. As their collective titles indicate, LENDers are in business to lend money – not to own or operate vacant land parcels that don’t generate one thin dime of interest profit. Thus, impending foreclosure really portends mutual economic hardship for all very concerned parties.
Just as hapless mortgage debtors are happy to cut losses by gracefully bowing out and moving on to better tomorrows, mortgage lenders are grateful to get whatever they can from home loans gone bad. With those thoughts firmly in mind, take proactive steps this instant to divert a common disaster that awaits certain happening at some very near future point in time. For more information on how to stop foreclosure in Seattle, contact Washington Short Sale Team at (206) 852-7026 and speak with a specialist.