Foreclosure Alternatives

Available Options & Steps to Take

Please let us know if you are experiencing temporary or permanent financial difficulties making payments on your Coastal Community Bank mortgage loan. Coastal is willing to work with you to find a mutually agreeable way to help you keep up with your mortgage payments and preserve your primary residence.

You may also contact the Washington Homeownership Information Hotline: 1.877.894.HOME or visit dfi.wa.gov/homeownership for foreclosure counseling at no additional cost. You may also visit dfi.wa.gov/homeownership/foreclosure.

Below is a summary of some of the tools we have available to assist you and your first steps in pursuing these options:

Refinance as a foreclosure alternative at Coastal Community Bank

Refinance

Your loan must be current to qualify for a refinance. To begin the application process, contact your nearest Coastal Community Bank Mortgage Loan Consultant or call 425.257.9000 and ask for a mortgage loan consultant.

To request a loan modification, call 425.257.9000 and ask for a mortgage loan consultant.

Repayment plans as a payment alternative at Coastal Community Bank

Repayment Plan

You may qualify for a simple repayment plan whereby you make your mortgage payment plus an amount of the total in default. The plan could be a few months long or may extend to a year. A repayment plan may be a good option when the situation that caused your default is resolved. For example, a default may have occurred because you were unemployed for a period of time, but you have now become employed again.

To request a loan modification, call 425.257.9000 and ask for a special asset officer.

Loan modification as a foreclosure alternative at Coastal Community Bank

Loan Modification

You may qualify if you have experienced an involuntary reduction in pay or an increase in living expenses. You may be able to refinance the debt and/or extend the term of your mortgage loan during a specified time frame. This would help you catch up by possibly reducing your payments to a more affordable level for a period of time.

To request a loan modification, call 425.257.9000 and ask for a special asset officer.

Pre-foreclosure sale as a foreclosure alternative at Coastal Community Bank

Pre-Foreclosure Sale

This option may allow you to sell your property and pay off your mortgage loan to avoid foreclosure when you cannot afford the home long term.

To request a pre-foreclosure sale, call 425.257.9000 and ask for a special asset officer.

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