Options That May Be Available and Steps To Take
Please let us know if you are experiencing temporary or permanent financial difficulties. State Bank Northwest is more than willing to work with you to find a mutually agreeable way to help you keep up with your mortgage payments and preserve your home. Below is a brief summary of some of the tools we have available to assist you and your first steps in pursuing these options.
- Reinstate - Keep in mind that retirement plans will often allow a withdrawal in order to avoid foreclosure on your primary residence. To request a hardship letter and the total amount due, call 1-877-789-4335 and ask for Loan Support.
- Refinance - Your loan must be current to qualify. To begin the application process, contact your nearest State Bank loan officer or call 1-877-789-4335 and ask for the Home Loan Department.
- Repayment Plan - You may qualify if you have experienced an involuntary reduction in pay or an increase in living expenses. A complete application may be required depending on the degree of delinquency and repayment term. To request a repayment plan, call 1-877-789-4335 and ask for Loan Support.
- Temporary Forbearance - You may qualify if you have experienced an involuntary reduction in pay or an increase in living expenses. You must show that you would be able to bring the loan current at the end of the plan. A complete application may be required depending on the degree of delinquency and repayment term. To request a temporary forbearance, call 1-877-789-4335 and ask for Loan Support.
- Pre-foreclosure Sale - This option will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating even though your property may not be in an equity position. To request a pre-foreclosure sale, call 1-877-789-4335 and ask for Loan Support.
- Loan Modification - You may qualify if you have experienced an involuntary reduction in pay or an increase in living expenses. You may be able to refinance the debt and/or extend the term of your mortgage loan during a specified time frame. This would help you catch up by possibly reducing your payments to a more affordable level for a period of time. A complete application will be required. To request a loan modification, call 1-877-789-4335 and ask for Loan Support.
- Deed in Lieu of Foreclosure - As a last resort you may be able to voluntarily 'give back' your property. This won't save your house. You can qualify if: 1) you are in default and don't qualify for any of the other options; 2) your attempts at selling the house were unsuccessful; 3) there are no other liens against the property. To discuss providing a deed in lieu of foreclosure, call 1-877-789-4335 and ask for a loan officer.
Required Financial Documents
The following documents will be required in order to evaluate your financial situation completely. You will find it very helpful to have them available when speaking to a housing counselor.
- Completed Financial Statement
- Copy of most recent tax return
- Proof of household income including monthly pay stubs, any rental income, unemployment, social security and/or disability benefits, child support or government assistance
- Outstanding medical bills
- Letter of hardship
- Depending on the situation and type of assistance we may be able to offer, further documentation may be required at a later date
Foreclosure Rescue Scams
Beware Of Foreclosure Rescue Scams. Help Is Free!
There is never a fee to get assistance or information regarding alternatives to foreclosure. For a HUD-approved counselor, visit: http://www.hud.gov/offices/hsg/sfh/hcc/fc/.
Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan.
Beware of anyone who says then can "save" your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt. Never make your mortgage payments to anyone other than your mortgage company without their approval.
Who Should You Contact With Questions?
If you are experiencing temporary or permanent financial difficulties, please call State Bank Northwest at 1-877-789-4335 and ask for the Loan Servicing Department to discuss your situation and available options in detail or to schedule an appointment to do so. Our hours are Monday - Friday 8:00 a.m. - 5:00 p.m. (PST). Please be aware that early intervention is the best indicator of success in retaining homeownership. We look forward to serving you.
HUD Toll-free Telephone Number For Housing Counseling Agency
The Department of Housing and Urban Development (HUD) offers free homeownership counseling. To find out where the nearest counseling agent is in your area, contact 1-800-569-4287 or TDD 1-800-877-8339.
NMLS # 442958