foreclosure on our house in Lynnwood Washington

Tiffanydodson · Joined: 16 Jan 2008 Posts: 1 1.35 Dollars($)

Bought the house back in August 2007 can't afford house payment house is going into fourclosure and the end of this month. Once it goes into fourclosure what are the steps?

larry · Joined: 27 Jun 2007 Posts: 3245 460.30 Dollars($)

Hi Tiffanydodson,

Welcome to the forum.

Are you already on the foreclosure procedure? If not you should try to avoid foreclosure. Talk to your lender ASAP and try out some repayment plans like forbearance or mortgage modification.

If your mortgage is foreclosed it will have huge negative effect on your credit and will be shown on your credit report for 10 years. So better try to avoid foreclosure. There is an article on how can you avoid foreclosure. You can check it out - http://www.mortgagefit.com/loss-mitigation.html

Hope this will help.

Feel free to ask if you have any further questions.

Best of luck,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 922 138.18 Dollars($)

Hello Tiffany,

I think Larry has offered the correct solution. You should try to avoid foreclosure if that is possible because it has damaging effects on your credit.

Did you talk to your lender about your situation when you started missing the payments and why you had defaulted?

If you are unable to make the payments, you may also try to sell the property or sign a deed in lieu of foreclosure if the lender is willing to accept that. This will at least save you from the negative impact of the foreclosure. You should talk to lender immediately and check out what options you have.

Guest 0.10 Dollars($)

Good luck with the lender! We have been trying to re-fi our home and our lender won't even return our phone calls or emails. We were approved but they obviously don't want us to save $. I guess they prefer we let it go to foreclosure. I am at the point tht I'm tired of begging them to talk to me. We are ready to pack our things and tell them they can have the house.

Caron

Ok, so don't let them foreclosure, rather say that you'd go for a deed in lieu. Credit-wise that will affect you less and the lender will not be able to collect the deficiency, if any. This is because deed-in-lieu doesn't allow the lender to collect the deficiency.

Good luck and keep us updated.

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

Florida34,

Don't give up. I posted a reply to another one of your posts to offer your some options.

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

Hi Tiffany,

I agree with Caron that you should look into a deed in lieu. You could even do a short sale if you find a buyer.

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