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Unexpected financial hardship can happen to anyone, at any time. While we pride ourselves in helping our customers become homeowners, we also want to be here to help you keep your home that you've worked so hard for, when times are tough.
Please let us know if you are experiencing temporary or permanent financial difficulties making payments on your First Savings Bank Northwest loan. FSBNW will work with you to determine if it is possible to find a mutually agreeable way to help you keep up with your mortgage payments and preserve your primary residence. Please let us know by calling 877.351.5419 to discuss your options.
Depending on your financial circumstances, the following are some options that may be available to help you manage your mortgage payments and preserve your home:
- A modification to interest only payments for up to a maximum of 12 months
- A modification to make up delinquent payments in a mutually agreed upon time frame
- A reduction in your interest rate for up to a maximum of 12 months
Please refer to the following link for additional information on these options:
http://www.dfi.wa.gov/consumers/education/foreclosure/foreclosure_alternatives.htm
Helpful Documentation
The following documents will be needed in order to evaluate your financial situation completely and evaluate your options:
- A hardship letter describing why you are unable to remain current on your mortgage, when you expect your cirumstances to improve, and the type of modification you are requesting
- A current personal financial statement with schedule of real estate (a blank template can be found here: Personal Financial Statement)
- Copies of your most recent two years personal income tax returns
- Copies of your most recent two years business income tax returns with K-1's (if applicable)
- Proof of household income including monthly pay stubs, any rental income or documentation of other monthly income
- Most recent three months asset statements (checking, savings, retirement, etc.)
- Information about debts (balances, line limits and required payments)
- A current mortgage payment statement
- Information about any subordinate lien mortgages on your home
Depending on the situation and type of assistance we may be able to offer, further documentation may be required.
Although FSBNW will give the same consideration to all modification requests, in some cases a modification may not be a viable option. You should be aware that your original loan terms remain in effect while we make a decision on your request. If your request is approved, the new terms will not take effect until a written agreement is prepared and signed by all borrowers and a representative of FSBNW.
Foreclosure Rescue Scams
Beware of foreclosure rescue scams. Solutions that sound too simple or too good to be true usually are. If you're selling your home without professional guidance, beware of buyers who try to rush you through the process. Unfortunately, there are people who may try to take advantage of your financial difficulty. HUD-approved housing counseling services are available at no charge (see below for contact information). Please refer to the following link for additional information and potential red flags to watch out for indicative of foreclosure rescue scams:
Additional Resources
The following contacts can provide you with important information free of charge:
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