If you are behind or have other reasons that force you to know you will soon no longer to be able to make your payments you have a few options.
Give it back to the lender. This called Deed In Lieu. It’s a simple process simply call your lender and tell them what you want do.
Do nothing and let the lender foreclose. This is the worst option because of how it affects your credit rating.
Refinance and get a lower rate.
Loan modification. Sometimes the bank will modify your loan to make the payments more affordable. It’s a fairly quick process. In usually can be complete within a couple of months. For this you will need to gather the same documents as you will need for a short sale. These include 1. Hardship letter. This is simply a written statement of why you are having difficulties. 2. Your last 2 months of bank statements. They want to see how you handle your money and make sure you don’t have huge savings. 3. Your 2 most recent pay stubs or other proof of income.
Short sale. This a process in which you need to find a Vancouver WAShort Sale Expert. The process consists of listing your home for sale and finding a
Buyer. A short sale means the home will not sell for enough to pay off the loan. Your agent will take any offers to your lender and work with them to accept the net results and let you off the hook for the balance. This is the best option for many people because you walk away owing and your credit can be rebuilt within a couple of years.
When every thing is considered a Short Sale is a good deal for most people.
Here are some examples of recent Vancouver WA Short Sales
139 W, Rt on 10th Ave, L on 149th St, R on NW 5th Pl, R on 151st
Adorable well kept home in a quiet neighborhood. Beautiful fireplace, open floor plan and french doors in the living room. Covered patio and fenced backyard make for a perfect getaway. Master has own bath, high ceilings and two walk in closets! A great home in a great neighborhood!
Wonderful Felida neighborhood! Fabulous floor plan. Kitchen with eating bar, pantry and nook open to family room with warm cozy fireplace. Sep living/formal dining, bonus room and four bedrooms. Perfect for entertaining.