Foreclosures Among Us

It’s a sad fact that our community has not been immune to the mortgage meltdown and downturn of our economy. Every day I see more and more notices of foreclosure for local Maple Valley homes, more bank-owned homes and more short sales which may soon run out of time before being sold at a Trustee’s Sale on the courthouse steps.

But what is even more upsetting is to see people in financial trouble who are not aware they have options. Just this week I heard the story of a woman currently in foreclosure. The bank wanted to work with her on a short sale (where the bank is willing to accept less than what is owed on the house if the seller has a buyer for the property) but either because she didn’t understand the process, or received some bad advice, she ran out of time. Her home will be sold at auction and her credit will reflect that she was foreclosed upon.

If you or someone you know someone is facing foreclosure, there may be options available. Steps which could help you to either postpone or avoid the foreclosure sale altogether. If you are given a Notice of Default, my advice would be to seek legal advice immediately and then contact an experienced real estate professional to help assess the current market value of your property and discuss whether a short sale is a possibility.