How A Seattle Real Estate Agent Helps Locals Going Through The Foreclosure Process

The foreclosure process occurs when an individual is no longer able to pay their mortgage on time. Unfortunately, this scenario is familiar in the current economy. Due to the stressful procedure and intricate laws, Seattle real estate professionals are vital. They will assist individuals faced with foreclosure.

Every state has its own laws regarding foreclosure. The earlier an individual speaks with a real estate agent, the more likely an individual is able to either stall the process of foreclosure or go through it as painlessly as possible. Banks follow a specific protocol when it comes to foreclosure and understanding what to expect makes the situation easier to handle.

Often, it takes a minimum of three months before the lender, often a bank, contacts an individual about delinquent payments. Contact is commenced in hopes of clearing up why the mortgage is late. Individuals should discuss their current financial situation and confer regarding a decreased payment plan or a modification on their loan.

If there is no response or agreement reached, the mortgage lender files a Notice of Default with the court. It is a formal foreclosure notice. A real estate agent can use this time to continue to negotiate out of foreclosure.

Individuals are sent a Notice of Trustee Sale thirty days after the previous notice was sent. The individual now has ninety days to stop the foreclosure before the house goes up for sale in an auction. Once sold on auction, the individual has to vacate the location within twenty days.

Seattle real estate professionals aid individuals trudging through the specifics of the foreclosure procedure. These procedures can be avoided, according to state laws, if an individual pays the late balance of the mortgage. Other alternatives that will halt foreclosure include loan refinancing, selling of property, budget adjustments, and payment restructuring.

To make buying or selling property go smoothly, you can depend on Seattle real estate experts. Additional information about real estate in the area can be found at .

Related Blogs

Leave a Reply