Yakima Foreclosure Lawyer

Foreclosure and Bankruptcy in Ellensburg

While the headlines about foreclosures have died down, the number of homes foreclosed on has not decreased. If you ar e in difficult financial straits, you have limited options if you want to keep your home, and a focused Yakima Foreclosure Lawyer can help you find the most suitable one for your situation . If the bank has already started foreclosure proceedings against you , your time to act is very limited.

If you fall behind on your mortgage payments, your bank may be willing to enter a special arrangement with you. Depending on your situation the bank may allow:

Reinstatement - You give the bank all of the back payments you owe and start making your regular monthly payment. With a partial reinstatement you pay at least one-half of the back-payments first and agree to a repayment plan for the rest of what you owe.
Repayment Plan - You make the regular mortgage payment plus an additional amount toward the back-pa yments until you are caught up, which usually takes no longer than 12 months . If the bank sets up a repayment plan for you, make sure it is reasonable. Do not agree to a plan that will not work for you.
Forbearance - The bank agrees that for a limited period of time it will accept a lower monthly payment or no monthly payment. At the end of the forbearance agreement you must bring the account current.
Loan Modification - The bank agrees to change one or more terms of the mortgage. Possible changes include: reducing the interest rate; extending the term of the mortgage; and adding the arrears to the unpaid principal balance of your loan.
Short Sale - The bank may let you sell the home even if you owe more than the property is worth and agree to accept the lesser amount as payment in full. You must have a buyer and a signed purchase and sale agreement. Anyone else who has a lien on the property and the private mortgag e insurer, if there is one, must also agree to the short sale.
Refinance - You take out a new mortgage to pay off the old mortgage. Sometim es it makes sense to refinance, but you should only contact a legitimate lender and proceed carefully. Beware of large fees and high interest rates.
Deed in Lieu - You cannot afford to keep the home and you give the house back to the bank. Do not ask for a deed in lieu when you have equity in the property or when a short sale is possible. The bank will not accept a deed in lieu if there are other mortgages or liens on the property.

In negotiating a workout agreement the banks are in a much stronger position and they have lawyers working hard on their side. These lawyers and bankers are experts at what they do, and they are counting on you arriving unprepared to defend your rights.

Bankruptcy Attorney in Yakima

At Eastwood Law, we will aggressively represent your goal of preserving your property. From negotiating with the bank for some type of work out, all the way through investigating and litigating abusive practices by your lender or its agents we will take care to help you understand the process, your rights, and your options.

Contact a Yakima foreclosure lawyerfor aggressive representation when you face the threat of losing your home.