How Can I Avoid Foreclosure?

Guidance for Avoiding Foreclosure

If you are unable to afford your mortgage payments and wish to avoid foreclosure, there may be other options for you to explore.

• Refinance: You may be able to refinance your loan at another lender with payments, terms, and fees that are more affordable
• Sale of Your Home: You may be able to sell your home and repay your mortgage in full
• Loan Modification: You may be able to lower your regular monthly payments through a modification of your loan by reducing the interest rate or changing the term of the loan
• Assistance: You may qualify for government or private homeowner assistance programs

If you request assistance from us, we will need to evaluate whether that assistance will be provided. In order to evaluate your eligibility for assistance, please have the following documents readily available: current pay stub for each borrower, most recent two years W2s and complete tax returns, most recent two months bank statements, most recent tax assessment, copies of original deeds of trust and other liens on the property, and an itemization of your assets and liabilities.

If you wish to schedule a meeting for us to assess your financial ability to repay the debt secured by the deed of trust and explore options to avoid foreclosure, please contact the collections department immediately at (800) 252-6525 or (360) 695-5121. Our office hours are between 9:00 A.M. and 5:30 P.M. Pacific Standard Time, Monday through Friday, excluding federal holidays.

Home Loan Counselors and Attorneys

You may feel you need help understanding what to do. There are a number of professional resources available, including home loan counselors and attorneys, who may assist you. Many legal services are lower-cost or even free, depending on your ability to pay. If you desire legal help in understanding your options or handling this default, you may obtain a referral (at no charge) from several different resources. You may contact the Department of Financial Institutions at (877) 746-4334, the Washington State Bar Association at (800) 945-9722, or the statewide civil legal aid hotline at (888) 201-1014, for possible assistance or referrals. If you would like to find a Department of Housing and Urban Development (HUD) certified housing counseling agency, contact HUD at (800) 569-4287. The Washington State Homeownership Information Hotline is 877-894-4663.