King County Home Solutions

The bank is going to be calling to talk with you with the intent of mitigating their loss. The banks have several avenues to pursue in order to decrease their losses. They prefer cash and will usually try for that first. Other loss mitigation techniques include modifying your loan, encouraging you to short sale the property, or convincing you to give them a Deed in Leiu for Foreclosure (voluntarily turning over the house).  

Stay on track with StopForeclosureInMapleValley.com

 

These are all valid strategies and they may be available to you. The key to effectively working with the bank in these situations is knowing what your options are and which one you prefer. The banks objectives and yours are not necessarily in perfect alignment. They are going to push for the option that is best for them.  

How do you know what is best for you? You can read up on the Internet about the benefits and drawbacks of each option. You can call us and we will answer your questions to help point you in the right direction, or you can go to your lawyer and seek their advice. The important part of this is knowing what your objective is before the lender calls or you call them.  

Now that you have your goal set it is time to call, right? Wrong! Download the “How To Talk To Your Lender” document and read through it carefully. This will prepare you to deal with their tactics and help you understand why they are saying and doing certain things.  

Next, Download and print out the “Homeowners Loan Modification Kit” and complete the first page. This will put all of the repetitive information that the lender is going to ask for every time you call all in one place. It also has area designated for recording the names and numbers of the people you talk to. There are instruction for that as well. It is very important to take good notes during your conversations about whom you’ve talked with as well as what they said. The Loan Modification Kit will be a real asset as you get one month, two months, three months or more into the process as you can allwayys go back to day one and refer to what was said.    

Knowing your goal and having my Laon Modification Kit on hand will help keep you on track and increase your chances of success. As allways if you are in Washington and have questions about Short Sales, Loan Modifications, Foreclosure or real estate in general we are available via email or phone.  

Ken Crotts

When dealing with s Foreclosure, Loan Modification, or Short Sale in Maple Valley it is very important to understand who you are dealing with.