What happens if my loss mitigation application is approved?

If your loss mitigation application is approved by Washington Mutual, it means that they have found a solution to help you reduce the financial burden and prevent a possible foreclosure on your mortgage or credit line. This approval may result in various outcomes, depending on your individual circumstances. Common resolutions can include loan modifications, where the terms of your mortgage are altered to make payments more affordable, or repayment plans that allow you to catch up on missed payments gradually. Additionally, you may be offered the option to undergo a short sale, where your property is sold for less than what is owed on the mortgage. Ultimately, the approval of your application is a positive step towards finding a sustainable solution and safeguarding your home or credit line.