How to Avoid a WaMu Foreclosure

When you get a home through mortgage, one of the biggest fears you have is foreclosure. If you are making regular payments to your mortgage lender, things stay fine and you have no trouble at all. But due to ailing economy and uncertainty, there are times you find yourself in financial difficulties and the payment process of your mortgage gets hurt.

This situation is appalling for many, who do not want to face foreclosure. WaMu (Washington Mutual) is one of the most well-known financial institutions and it facilitates thousands of people wishing to buy homes through mortgage. However, potential homeowners usually want to know what to do if they see foreclosure looming and how to get a relief from WaMu.

Instructions

  • 1

    Familiarize yourself with WaMu mortgage procedure

    Getting to know how a mortgage lender goes about giving you a loan and its terms and conditions is the first step to keeping on the safe side. You do not want to face foreclosure, so it is crucial for you to read all the information given in the mortgage statement issued by WaMu.

    Remember, every mortgage lender has their own contractual procedures and the terms and conditions vary widely. Check with your mortgage servicer that how WaMu’s fixed-rate mortgage and variable rate mortgage differ from other lenders such as JP Morgan and other leading banks.

  • 2

    See how much you can afford to pay

    You cannot jump into mortgage business without first considering options. The most important thing you should before getting in touch with WaMu is to see how much money you are able to afford. WaMu has a history of foreclosures and the company is usually strict about payments.

    Be sure to assess your financial strength. If you think that you may face problems in terms of money in the future, think twice before you get into mortgage contract with WaMu.

  • 3

    Do not be afraid to share your options with the lender

    You should be clear and able to share your options with WaMu if you see foreclosure is imminent. WaMu is big entity and has ability to get flexible with you if you convince the officials and provide genuine reasons and options.

  • 4

    Negotiate with the lender

    Of course you do not want to lose your home that you used as a collateral to get the mortgage. Negotiate with the company. You can either contact the officials through their website or in person. Do not waste your time consulting your mortgage servicer (in case you got WaMu mortgage from a middleman).

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