| Dear Friend,
WASHFA can help you, whether you plan to refinance,
work out a forbearance plan, declare bankruptcy,
or sell your house. Just listen to my story, and
you'll see that anything is possible.
I was overleveraged.
There was no way I could sell the house and get
enough money to pay the bank, the real estate
agent, and all the crazy closing costs. And, I
had no idea if the real estate agent could even
sell the house in time.
The house was in disrepair.
Because of my divorce and job loss, I didn't
have enough money to make any of the necessary
repairs. I tried getting some roommates to help
cover some costs, but in the end, they flaked
on me.
I couldn't make the mortgage payments, and I was
left with a big mess to clean up.
Real estate agents couldn't
help me.
In order to get paid their full commission, the
real estate agent would have had to price my house
way above market. That didn't make any sense.
The last thing I needed was to have my house sitting
on the market with the auction date rapidly approaching.
Refinancing was out of the
question.
Because of my job loss, I got behind on a lot
of bills. So, my credit score went way down. On
top of that, I was told that my Loan-to-Value
ratio was too high. In other words, in order to
give me a loan, the banks wanted me to have more
equity in my house, which I didn't have.
The Forbearance Plan would
have killed me.
Some banks will tack on the missed payments to
the end of the loan, but not mine! They wanted
to add them to my current payments, and pay the
arrears back in 18 months. That
would have added another $1,112 each month to
a mortgage I already couldn't pay!
Bankruptcy would only be a
short-term solution.
I talked to an attorney, but found out that a
bankruptcy filing wouldn't actually save my house.
It could possibly delay the trustee’s sale, but
not help me reduce my payments or the mortgage
debt once the bankruptcy period was over.
WASHFA took a losing situation
and put thousands of dollars in my pocket.
WASHFA made my house beautiful, found a buyer,
and I not only avoided foreclosure, but I made
thousands of dollars from the sale.
Good things can happen to you
too!
Sincerely,
Phil White, Seattle, WA
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