Skagit State Bank
 
 



FORECLOSURE – QUESTIONS & ANSWERS


If you are unable to afford your mortgage payments and you wish to avoid foreclosure you should consider taking the following important steps:

CONTACT YOUR LENDER

You should consider negotiating a restructure of your mortgage with your lender. This may include, but isn’t limited to, a change in interest rate, monthly payment amount or deferral of past due amounts. In addition, you may wish to seek a re-finance of your debt through another lender or other source of funds. The Washington State Department of Commerce has listed some possible alternatives to foreclosure at the following web address:
    http://www.dfi.wa.gov/consumers/homeownership/foreclosure_help.htm

You may contact Skagit State Bank at:
   323 E. Fairhaven Avenue
   P. O. Box 285
   Burlington, Washington 98233
   Phone: (360) 755-9311
   Alt. Phone: (800) 246-4402

CONTACT A GOVERNMENT AGENCY

You may contact the Department of Financial Institutions, the Washington State Bar Association, or the statewide civil legal aid hotline for possible assistance or referrals. Toll-free telephone numbers are as follows:

  • United States Department of Housing and Urban Development (HUD): 1-888-995-4673
  • Washington State Department of Financial Institutions (HUD approved housing counselors): 1-800-569-4287
  • Washington State Department of Financial Institutions referral number to the Washington State Foreclosure hotline: 1-877-894-4663
  • Statewide Civil Legal Aid Hotline: 1-800-606-4819
  • Washington State Department of Commerce / Washington State Homeownership Information Hotline: 1-877-894-4663

GATHER YOUR DOCUMENTS

Prior to any discussion with your lender, governmental agency or housing counselor, you may wish to obtain and have available copies of the documents listed below to assist you in exploring your options.:

  • the promissory note for your mortgage
  • the deed of trust for your mortgage
  • a recent personal financial statement (a list of your assets and liabilities)
  • a summary of your income and expenses
  • your most recent pay stubs
  • a signed copy of your most recent tax return
  • benefit statements from Social Security, disability, unemployment, retirement or public assistance
  • listing information for your house, if it is listed for sale
You are not required to divulge any of the documents to your lender, but the information may assist you in your discussions about avoiding foreclosure.

ADDITIONAL RESOURCES

The following websites offer helpful resources for those who are having trouble making their mortgage payments or are facing foreclosure.

U.S. Department of Housing and Urban Development (HUD)
   http://www.hud.gov
HUD Housing Counseling Washington State
   http://www.hud.gov/local/wa/homeownership/hsgcounseling.cfm
Washington State Department of Financial Institutions
   http://www.dfi.wa.gov/
   http://www.dfi.wa.gov/consumers/education/foreclosure/prevent_foreclosure.htm
   http://www.dfi.wa.gov/consumers/homeownership/foreclosure_help.htm
Washington State Department of Commerce
   http://www.commerce.wa.gov/