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.
Contact the Department of Housing and Urban Development (HUD) for a list of approved Housing Counseling Agencies:
- (800) 569-4287
- HUD Housing Counseling