Three Facts about Loan Modifications and Short Sales Every Seattle Homeowner Should Know

Three Facts about Loan Modifications and Short Sales Every Seattle Homeowner Should Know


 

Seattle real estate attorney

Home foreclosures and repossessions continue to be a problem plaguing American homeowners. During 2012 alone, there were more than 700,000 homes repossessed in the United States. Compared to March 2013, foreclosure rates have increased by 47 percent in March 2014.

Loan modifications and short sales can be effective tools for any homeowner when you consult with a dedicated, responsible lawyer for foreclosure. Here are three facts about loan modifications and short sales that every Seattle homeowner or business owner should know:

1. Did you know that about 1,736 home foreclosures were filed in Washington state in March 2014? For many homeowners, a loan modification, or a permanent reduction of monthly mortgage payments, can be a way to alter loan and mortgage payments so they become affordable again.

2. Short sales are becoming an increasingly popular option for prospective homeowners. In January 2012, short sales accounted for about 23.9 percent of home purchases in the U.S. A short sale can be an inexpensive way to purchase a home. These homes are for sale for less than the current owner owes on his or her mortgage balance. Short sales can also help the seller avoid a foreclosure on his or her credit record.

3. To add extra security to your assets and possessions, consider creating an estate plan. With an estate plan, you can provide guidelines for how you would like to be cared for, should you have a disabling injury or health condition. Estate planning attorney fees can be high, but it’s worth it to know your belongings are cared for the way you want.

It’s important to work alongside the most experienced, knowledgeable foreclosure lawyers and real estate lawyers Seattle can offer. They can assist you with things like estate planning attorney fees and probate law as well as real estate law. Trust them to give you the best representation possible while you fight foreclosure on your home. This is a great source for more.

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