Defaulting on mortgage payment comes as a result of financial difficulties. Many homeowners see their mortgage payment as their top priority, but unforeseen circumstances can make them compromise on their payment. Job loss, inflation, divorce, medical emergencies are few of the many situations that occur and make it difficult for homeowners to make their monthly mortgage payments. Contacting your lender to explain your situation and discuss solutions is one of the best ways to prevent foreclosure as it saves you a lot of stress. However, many homeowners wait until their lender initiates foreclosure before taking action towards saving their home.

Foreclosure is how lenders seek to gain their funds after homeowners stop making payments on their loans. Your lender is mandated to give you 120 days of grace to pay off your missed payments or explore other alternatives. If you fail to maximize this period, your lender is authorized to initiate foreclosure. In Washington State, the both judicial and non-judicial foreclosure process is used by lenders. However, most lenders use a non-judicial foreclosure process as it is less expensive and timesaving. There are so many ways you can stop the foreclosure on your home in Washington State; one is reinstating your loan.

To reinstate your loan means to reactivate your loan. Your lender must have called your loan due before initiating foreclosure. Therefore, to reinstate your loan, you must pay off all the missed payments plus other charges, such as late fee charges. Washington State law permits homeowners to reinstate their loan up to 11 days before the sale date. You can also discuss the short sale, deed in lieu, mortgage forbearance, and other alternatives with your lender.

You should note that Washington State law does not allow homeowners to redeem their home after a foreclosure sale has been concluded. Therefore, try your best to stop foreclosure on its track. Contact your lender to discuss your situation and the best solution available.