Ways To Avoid a Foreclosure
If you have received notice of a foreclosure action against you by your mortgage lender, you will likely feel an immediate fear of losing your home. A house is often an individual’s most valuable and valued asset and losing your home can cause many complications in the lives of you and your family. There are several legal options for homeowners in Washington facing foreclosure, however, and an experienced real estate lawyer can evaluate your particular situation and advise you of your options.
Ways to defend against a foreclosure
Washington state laws provide options for homeowners to try to prevent foreclosure. First, our state’s Foreclosure Fairness Act1 requires mortgage lenders to participate in mediation with a homeowner who has been referred to the program. During mediation, an owner has the opportunity to negotiate with their lender to try to come to a different agreement that allows them to keep their home. Such agreements may involve the following:
- Modification of the mortgage loan terms
- Short sale of the real estate
- Forbearance agreement
- Deed in lieu of foreclosure2
The help of a lawyer experienced in foreclosure mediation can greatly improve your chances of coming to an alternative arrangement.
Even if foreclosure mediation does not stop the proceedings against you, an attorney can defend against foreclosure litigation based on many procedural and legal defenses. Mortgage lenders must follow strict procedural rules and guidelines and they often make errors that may result in your case being dismissed. An attorney can also make certain arguments and present evidence that the court should rule against the foreclosure.
Contact an experienced real estate attorney for help today
If you are facing possible foreclosure, you are likely willing to do whatever possible to try to keep your home. Ignoring the foreclosure action will almost certainly result in a default judgment against you and possibly even the sale of your home at auction. Instead, your very first step should always be to discuss your situation with an experienced real estate lawyer as soon as possible. At the Dickson Frohlich, our experienced attorneys can explore all of your options to try to keep your home and avoid foreclosure.
CALL OUR OFFICE TODAY IN SEATTLE OR TACOMA AT (206) 621-1110 OR (253) 572-1000 FOR A FREE 15-MINUTE CONSULTATION TODAY.