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Avoiding Foreclosure

Kitsap Bank has been the community's financial partner for over 100 years. If you are a homeowner experiencing temporary or permanent financial difficulties, we're here to help. Please ask for our assistance, so that we can try to work together to find an agreeable solution for repayment of mortgages on your primary residence. We may discuss a number of options with you.

Alternatives to Foreclosure
Reinstatement

With this solution, your lender may discuss accepting the total amount owed in a lump sum by a specific date. This option may be combined with forbearance.

Forbearance
If you have experienced a reduction in pay or an increase in living expenses, you may be able to reduce or suspend payments on the loan for your primary residence for a short period of time. At the end of the agreed upon time, you must show that you will be able to bring the loan current.
Repayment Plan
With this option, you agree to resume making regular monthly payments in addition to a portion of the past due payments each month until you are caught up.
Refinance
To qualify for a refinance, your loan must be current. Ask your lender if you qualify for this option.
Pre-foreclosure Sale
You may be able to sell your property and pay off your mortgage even though your property may not be in an equity position. This solution allows you to avoid foreclosure and any damage to your credit rating.
Loan Modification

To help you catch up, you may be able to refinance your debt and/or extend the term of the mortgage loan on your primary residence during a specified time frame. This would reduce your payments to a more manageable level during this time.

Required Documents

As your partner, it is important for us to see the whole financial picture as we guide you toward the best solution for you and your circumstances. We may ask you for the following information as we work together to create a plan.

  • Your loan account number
  • Your most recent loan statement
  • A brief explanation of your circumstances
  • A list of your assets
  • Recent income documents such as pay stubs, Social Security benefits statements, disability, unemployment, retirement or public assistance statements. If you are self-employed, be prepared to provide your tax returns or a year-to-date profit and loss statement from your business.
  • List of monthly household expenses, including any outstanding medical bills.

Resources

If you are experiencing financial difficulties, and are worried about the possibility of foreclosure, please contact us at 800-283-5537. You may also phone or stop by your local branch. We are here to serve you.

Housing and Urban Development (HUD)
800-569-4287

Washington Department of Financial Institutions (DFI)
Homeownership Information Hotline: 877-894-4663

Washington Civil Legal Aid Hotline
800-606-4819

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This service is for Washington State residents only.

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