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Exploring Options to Avoid Foreclosure

Reviewing your Financial Situation and Exploring Options to Avoid Foreclosure

We know that some borrowers are unable to afford their mortgage payments, and wish to explore options to avoid foreclosure.

Some of the options that may be available to avoid foreclosure include:

  • We may be able offer a loan workout to allow you to resume payments at the current payment amount, and repay a portion of your delinquent payments each month.
  • We may be able to provide you with a loan modification that would lower your interest rate and monthly payment for a period of time.
  • We may be able to delay the start of any foreclosure proceedings, or temporarily suspend any foreclosure proceeding already in process, while you attempt to sell your home, refinance, raise money, or move.
  • We may be able to consider a deed in lieu of foreclosure, whereby you offer to transfer ownership of your home to the bank without any foreclosure process. You should know that this course is not often workable, particularly to borrowers with other loans or liens or their home.

    Of course, every situation is different, and we cannot guarantee that our efforts will be successful in avoiding foreclosure.

    How do I get started on reviewing my financial situation and options that may be available to avoid foreclosure?

    1. Call us today toll free at 1-800-225-6267 and ask to speak with your Loan Service Specialist, so that we may assess your financial situation and explore options for you to avoid foreclosure.

    2. Download or request a copy of our Borrower Income and Expense Worksheet to be completed and returned by mail, e-mail, fax or in person.
    Click Here to Download the Borrower Income and Expense Worksheet.

    In addition to completing the worksheet, you may be requested to provide or have available some of the following financial documents and be prepared to discuss over the phone or at a meeting with us when discussing options to avoid foreclosure.
     
  • Current pay stubs, tax returns, other proof of income, and other similar information that demonstrates your level of ability to repay your debts, including your mortgage.
  • Recent bank statements, brokerage statements, and other information that lists your cash or other liquid assets.


CALL HUD’S TOLL FREE TELEPHONE NUMBER TO FIND A HUD-CERTIFIED HOUSING COUNSELING AGENCY, OR VISIT HUD’S WEBSITE AT http://www.hud.gov/foreclosure/ Telephone (800) 569-4287
TTY (800) 877-8339

FOR BORROWERS AND LOANS MADE IN WASHINGTON STATE:

Contact the Washington Homeownership Information Hotline

If you would like to speak with someone about your current situation, please contact the Washington State Homeownership Information Hotline at 1.877.894.HOME (894.4663), or visit www.homeownership-wa.org You may contact the Department of Financial Institutions, the Washington State Bar Association, or the statewide civil legal aid hotline for possible assistance or referrals.

Toll free number for the Washington Depatartment of Financial Institutions is 1-877-746-4334 and statewide civil legal aid hotline is 1-888-201-1014.

If available, you can check the current status of your Loss Mitigation Process or Loan Modification here: Loss Mitigation/Loan Modification Check  

Disclaimer
We are not a consumer credit counseling service. We are unable to assist you in talking to or negotiating with your other creditors.

 

 

Income and Expense
Worksheet


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California DRE Broker #01891885
Washington Consumer Loan License CL - 388808
NMLS Unique ID 388808
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