Stopping a Short Sale Washington State
Short sales occur when the owner of a home can no longer make payments on the mortgage. Instead of foreclosing on a home, the owner can tell the bank that they would like a short sale. A short sale can only occur in a home where the market value on the home is less than what they owe on the mortgage. During the financial crisis a couple of years ago (2007-2012), the number of homes in the short sale process was at an all time high. There are many short sale in Washington state options for people that are struggling with their finances. Here are several ways that a person can get through the short sale process. For more information on a short sale Washington State, contact Washington Short Sale Team at (206) 852-7026 and speak with a trained specialist.
Short Sale Process
The entire short sale process in Washington is long and tedious. There are many short sales that take months to complete. In order to qualify for a short sale, a person must not have a high net worth. Their home also must have more owed on the mortgage than they can get by selling the home. During a short sale, the bank assumes the home and must make up the difference between the market value on the home and what is owed. It takes a long application process to be approved for a short sale because the bank is generally losing money a home. In times where they housing market is depressed, short sales are quite common.
Should I Consider a Short Sale in Washington State?
- Many homeowners have been backed into a corner by property values.
- For threatened home owners, short sales may be their best option.
- Is your home worth less than you owe on it?
- Do you want to save your credit from bankruptcy or foreclosures?
- We represent homeowners not banks
- Professional representation from licensed Short Sale Negotiators
- Find out how to receive a $3,000 homeowner relocation credit
- We handle all aspects of your Short Sale and your privacy is 100% guaranteed
The Credit Impact
In the state of Washington, filing for a short sale will have a negative impact on the credit of a person. There are many reasons for this, but essentially a person is saying that they can no longer pay their bills and need the bank to assume their property. There are many short sale lawyers in the Seattle area that can assist in the short sale process. However, anyone that is filing for a short sale should be prepared to have a lowered credit score as a result of the process.
A short sale is a difficult process for anyone to go through with a short sale Washington state program. In the state of Washington, there are several rules and regulations surrounding short sales. A person must owe more on the house than the market value of the home in order to qualify. The bank then assumes the home and must make up the difference between the loan and the selling price of the home. Contact Washington Short Sale Team today and speak with a specialist about your short sale in Washington State (206) 852-7026.