Avoiding Foreclosure

If you are having trouble making your loan payment due to a reduction in household income, please contact us to see what help may be available to you for avoiding foreclosure.

We offer qualifying borrowers a number of options, including loan modifications and refinances. To learn more about these programs, please contact our Financial Counselor at 503-423-8710 or 1-800-452-0900 ext. 8710.

During this process, we will discuss the circumstances behind your financial hardship, complete an updated budget (income and expenses), and verify your current income.

To speed up the process, you can complete our Budget Worksheet in advance of your call. We also recommend you be prepared to submit evidence of your current income, such as a pay stub or unemployment compensation award letter. Additional documentation, such as your tax return(s), may be required.

For mortgage loans, you can also contact the United States Department of Housing and Urban Development (“HUD”) at 1-800-569-4287, to find a HUD-Certified Housing Counseling Agency in your area. For Washington residents, the Washington State Department of Financial Institutions can also help you locate a housing counseling agency if you call 1-877-894-4663.

Options for Avoiding a Home Foreclosure

  • Refinancing: If you qualify, you may be able to refinance your loan for an extended term and/or lower interest rate, which would reduce your monthly payments
  • Loan Modification: You may qualify for a modification of your existing loan in order to make your payments more affordable
  • Forbearance: You may qualify for temporary forbearance arrangements (i.e. extension of payment), depending on your situation
  • Sale: If you sell the home yourself, you may be able to generate enough sale proceeds to pay off your loan in full. If the purchase price is insufficient to pay the loan in full, we may be willing to release the lien for less than the full balance (i.e. short sale). Be sure to contact us prior to listing your home for sale
  • Deed in Lieu of Foreclosure: If you cannot pay your loan and are having difficulty selling your home, you may find it advantageous to enter into an arrangement to voluntarily transfer the home to us.

Case Escalation

If your first mortgage loan is being reviewed for one of the foreclosure alternatives listed above and you have questions or concerns, or wish your case to be reviewed again, please call 1-866-366-3793 or by email.

Acknowledgment of your request will be sent to you within 3 business days, and a proposed resolution will be presented within 15 business days.

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