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logo
  • Home
  • Apply Now
  • Client Portal
  • Today's Rates
  • Loan Officers
  • Blog
  • Resources
  • Loan Programs
  • Loan Process
  • Mortgage Basics
  • Mortgage Calculators
  • Online Forms
  • FAQ
  • Testimonials
  • Give Us A Review
  • Careers
  • About Us
  • Contact
  • Company Store
  • (425) 576-5462

What are Some Other Solutions for "Temporary" Problems to Avoid Foreclosure?

Reinstatement – This is possible when you are behind in payments, but can promise to pay a lump sum of money to bring your regular payments back by a specific date.

Forbearance – It may be allowed to delay payments for a short period with the understanding that another option will be used to bring the account current later.

Repayment Plan – If your account is past due, but you can now make regular payments again, the lender may allow you to catch-up by adding a portion of the overdue amount to a certain number of monthly payments until your account becomes current.

Partial Claim – Your lender may be able to help you obtain a one-time payment from the FHA Insurance Fund to bring your mortgage current, if you qualify:

You may qualify if:

1) Your loan is at least 4-months delinquent, but not more than 12-months.
2) You are able to begin making full mortgage payments again.

When your lender files a Partial Claim on your behalf, the U.S. Department of Housing & Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note and a Lien will be placed on your property until the note is fully paid. The note is interest-free and is due when you pay off the first mortgage, or when the property is sold.

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About Us

We've been helping customers afford the home of their dreams for many years and we love what we do.

Company NMLS: 854647
www.nmlsconsumeraccess.org

Contact Us

4055 Lake Washington Blvd NE #100
Kirkland, WA 98033
Phone: (425) 576-5462
info@wfmtg.com

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