Foreclosure Alternatives

What You Should Know

Foreclosure alternatives are options that Northwest FCS may be able to offer to help borrowers avoid foreclosure and remain in their home:

  • Repayment Plan - An arrangement to help you get current with missed mortgage payments by creating a schedule for repaying past-due amounts.
  • Loan Modification - A change to the terms of the mortgage that can make the payments more affordable.
  • Forbearance - An arrangement where payments are reduced or suspended for a short time, after which another option may be agreed upon to bring the loan current.

Any financial arrangement intended to prevent foreclosure will be based on your individual circumstance at the time such options are being explored or applied for.

Exploring Possible Alternatives

If you find yourself unable to make your mortgage payment:

  • Don’t ignore letters or phone calls about your mortgage.
  • Contact us as soon as possible to explain your situation.
  • Ask about foreclosure alternatives and how to pursue them.
  • Seek credit counseling from a HUD-approved Housing Counseling Agency.

Other Resources

Contact the Department of Housing and Urban Development (HUD) for a list of approved Housing Counseling Agencies:

  • Contact Us

    Central Servicing Department

    (866) 552-9172

  • Documentation

    To understand what options may be available, you will need to provide certain documentation to us, including, but not limited to:

    • Copies of most recent statements for all savings and checking accounts
    • Signed IRS Form 4506-T
    • Copy of homeowners insurance
    • Recent paystubs (if not self-employed)
    • Profit/Loss statement for past 6 months (if self-employed)
    • Two most recently filed tax returns with all schedules