Mortgage help from Washington Homeownership Resource Center.
A non-profit agency, Washington Homeownership Resource Center, has advised and helped thousands of homeowners across the state in the foreclosure process. The programs they offer are available for low to moderate-income households in Washington. If someone does not qualify based on their income, then staff will offer referrals to other resources that can help with a mortgage delinquency. The primary mission of the not-for profit agency is to both increase and preserve homeownership for families and individuals across the state.
The counselors from the agency want to help people both avoid receiving a foreclosure notice, or stop one that may be in progress. They have been operating for over 15 years, and during this time they have provided information about foreclosure prevention and homeownership assistance programs, predatory lending, mortgage delinquency counseling, programs from banks and lenders, and work closely with real estate professionals in the state.
The primary resource they offer delinquent homeowners is mortgage default counseling
As part of this service, Mortgage Default Counselors will work one on one with low to moderate income homeowners to help them avoid foreclosure. If it turns out the home can’t be saved, then they will provide assistance during the process to help them find a new home to live in. Housing counselors can answer your questions and provide information on the foreclosure process and they will offer one-on-one assistance to identify resources, programs, provide debt reduction programs, or help them household develop a budget.
In addition, the mortgage counselor can negotiate directly with a lenders or servicers on the homeowners behalf for repayment strategies. You need to act quickly and early though to increase your chance for success. Contact the Washington Homeownership Resource Center for a referral to a local, non-profit mortgage default counselors. The center can be reached at (877) 894-4663.
Programs offered by the Washington Homeownership Center
There are numerous services and resources administered. The center connects residents across Washington state to authorized housing counseling agencies, most if not all of which are HUD certified. Housing counselors will then assist residents who are thinking of buying a home. However the primary service they offer today, during this weak economy, is that counselor will help current homeowners who are having trouble with paying their mortgage and could be facing foreclosure.
In addition, the specialists from the agency will collaborate and partner with the Home Foreclosure Legal Aid Project of the Washington State Bar Association. Eligible homeowners can be connected to the this legal project for legal screening, foreclosure advice, and possible representation with a volunteer attorney. More on the foreclosure legal aid project.
Notify your lender as soon as you know your payment will be late and present your circumstances with a plan of action to your lender. Your mortgage servicer may agree to give you some payment options in order to provide you with time to catch up. If you need assistance with this step, you can contact them toll free at (877) 894-4663.
Potential foreclosure solutions
While each homeowner will have a unique solution and financial situation, some of the solutions that can help someone prevent a foreclosure, and offer mortgage relief, include:
- Mortgage Repayment Plan: If your home loan is past due and you owe back payments on your mortgage, but you can now make payments currently and going forward, then a plan may be possible. Your lender or bank may agree to let you catch up by adding a portion of the past due amount that is from previous months to each monthly payment until your account is current.
- Forbearance: This is an options that provides for the allowance of delayed mortgage payments for a short period of time. While this occurs there is an arrangement that needs to be arrived at and that provides another option that will be used afterwards to bring the account balance current. Learn more.
- Reinstatement: This is when you are behind in your mortgage payments but the homeowner will promise to pay a lump sum to bring payments current by a specific date to help them get back on track.
- Mortgage Modification: This is when the bank or lender can modify your home loan or mortgage to extend the length of time you have to pay the loan or it provides you with time to take other steps to reduce your monthly payment amount.
- Sell your Home: If at the end of the day you are unable to catch up on your home payments, your lender or bank may allow you time to sell your home, and maybe even continue to live in it, to avoid the foreclosure process.
- Deed in Lieu of Foreclosure: This is a program when your lender may allow you to give back the property and forgive the debt that you owe on the home loan. Note that this option may still have a negative impact on your credit standings and reduce your credit scores. The lender or mortgage servicer may require you to attempt to sell the home before a deed in lieu can take place. Keep in mind that if there is more than one lien on your home, or if you have taken out a second mortgage, a deed in lieu may not be an option. Learn more on a Deed in Lieu.
Dial (877) 894-4663 to speak to a housing counselor.
Partners of Washington Homeownership Resource Center
Some of the other HUD approved housing counselors they work with and can refer people to include the following. All of this agencies will normally provide advice to qualified borrowers at no cost to them.
- Family Finance Resource Center Counties served - Cowlitz, Clark, Lewis, Pacific, Wahkiakum Phone 360-423-9197
- HopeLink Serves Bellevue, New Castle, Mercer Island, Seattle, Medina and Newcastle Dial 425-943-7555
- Solid Ground - King County, Phone number 206-694-6700
- Urban League - Seattle and King County 206-461-3697
- Acorn Housing King - Phone 206-243-4663
- Spokane Neighborhood Action Program Spokane, Washington Phone 509-456-7106
- Consumer Credit Counseling Services Spokane 866-889-9347