Unable to afford your mortgage payments, but want to avoid foreclosure? There are several options that may be available to you.
- You may be able to refinance your loan, extending the payment period, and/or reducing the interest rate, thereby lowering your monthly payment.
- Sound Credit Union may be able to modify your loan to make your payments more affordable.
- You may be able to sell your home and repay your mortgage in its entirety. If your home’s value is less than your outstanding loan balance, Sound Credit Union may be willing to accept less money than you owe and develop a repayment plan for the remaining amount due.
- Sound Credit Union may be able to provide you with special forbearance, in light of your current circumstances.
To explore these options, contact us at 253.383.2016 or toll free at 800.562.8130. Please be sure to have the following documents available to help us evaluate your eligibility:
- Financial hardship letter explaining why you are unable to make your payments
- Recent pay stubs (or other proof of income, such as SSI payments or retirement income)
- Recent statements from all credit union, bank, brokerage, and retirement accounts
- Most recent tax return and all supporting documentation
- Property tax statement
- List of monthly expenses
- Additional information may be required depending on your situation
Foreclosure prevention counseling is provided free of charge to Washington homeowners.
To find a certified housing counseling agency contact:
- Consumer Financial Protection Bureau (CFPB) at 855.411.CFPB (2372)
- Washington’s Homeownership Hotline at 877.894.4663
- US Department of Housing and Urban Development (HUD) at 800.569.4287
As a Sound Credit Union member, you also have access to free and confidential financial counseling and education through BALANCE. To speak with a counselor call toll free 888.456.2227, or email firstname.lastname@example.org.