Video: Dozens seek mortgage intervention

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SeaTac, Wash. - Dozens of local homeowners spent today trying to avoid foreclosure.

They attended a "mortgage intervention seminar" in SeaTac to get advice.

RealtyTrac, an organization that monitors industry trends, says foreclosure filings have gone up 64 percent in a year in Washington state. And there have been more than 24,000 foreclosure filings in the year to date.

Burien resident Kathleen Clearwater doesn't want to become the next statistic. She's struggling to make ends meet.

"I don't want to lose my home," she said. "I started getting behind on my mortgage, and it'll be two months at the end of this month."

Clearwater was among dozens of homeowners at today's workshop, which was sponsored by the Urban League of Seattle.

"The fear is that their mortgage payments are going to go up and they won't be able to afford their payments any longer," said Angela Moore, financial counselor.

She says people who are staring at foreclosure still have options if they contact their lender early enough.

"They could possibly do a refinance, ask their lender to do an early loss mitigation program such as a loan modification to modify their loan into a fixed affordable rate," she said.

But Moore says borrowers need to ask themselves important questions.

"Can you afford to maintain your monthly payments on the home if it's set up as a 30-year fixed as well as all your other expenses?" she said. "If your answer is yes, you could be a candidate to do a loan modification to be able to keep you home. If the answer to that is no, than don't be afraid to short sell your home or try to get out of the situation."

Associated Press

RealtyTrac says foreclosure filings have gone up 64 percent in a year in Washington state.

Clearwater still worries time is running out.

"I've sold everything I own so I could pay the payments until now, and there is nothing left to sell," she said.

The state Department of Financial Institutions says it's important to be proactive.

If you contact a lender early enough you could be eligible for a forbearance, modification, or partial claim.