Call (253) 999-2371 Paul Chunyk is a Realtor in Tacoma, WA. See our new homes for sale in Tacoma, Washington, and all of Pierce County. Search the Tacoma Real Estate Market - condos, mansions, luxury homes, and more

How to Avoid a Foreclosure

Foreclosures are a messy process. Nobody goes and buys a house, starts making the payments, and expects to have to eventually give up their home. Everyone wants to be able to keep making his or her mortgage payments on time and without much stress.

However, life has unforeseen turns that sometimes result in unemployment, or sickness, or family changes. When those tough situations come your way, the best method to keep you from avoiding a foreclosure is to be honest. Do not avoid your situation or try to heighten or diminish the severity of it. Look at it straight on.

The lender is not your enemy. They have the same goals as you: they want you to keep the home; they want you to be able to afford your mortgage payments. No matter your situation, you want to explain it to your lender sooner rather than later. Give them time to be able to work with you through it.

If you start being delinquent in making your payments, you will be charged with late fees. There are deadlines as to how soon you have to make good on your payments. After paying it all at once, you can go back to your previous payments before the delinquency occurred. However, if your situation does not look like it is going to change in the near future, you may want to make some changes to avoid being delinquent again.

What are your options?

Modify your loan. This will enable you to decrease your monthly bill amount and continue to pay off your mortgage. Your interest rate can be reduced; lessening your monthly payments, but increasing the time it will take you to pay off your mortgage. You will also have the possibility of adding your delinquent payment into the loan. Read more here about what it takes to refinance a jumbo loan.

If your situation looks like it is going to be long-term and you do not think you can afford your home anymore, a short sale may be your best option. In this type of sale, the lender has to give his or her approval on the price of the home. You will have to sell it for less than the amount you owe, meaning you will still have some money you will owe. However, it will take you out of the situation before it is too late and the home is taken from you.

You do not want to have to foreclose your home. The lender does not want to go through the process of selling a foreclosure. Work with each other to know what all of your options are. Be honest about your situation in order to prevent yourself from worsening your situation.

Contact Paul Chunyk

Reach out to me, I would love to give you more details and get you headed in the right direction to accomplish your goals.

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