Borrower Resources

Our office sometimes acts as the authorized agent of a beneficiary (lender) and the following information is therefore made available to borrowers pursuant to Engrossed Senate Bill 5810. Our toll free telephone number as Authorized Agent is 1-800-236-4948 and you may contact us to explore alternatives to foreclosure if you have received a notice from us.

You may have several alternatives to foreclosure including, without limitation:

• Government or private homeowner assistance programs. If you contact the agencies listed in the links section of this page you can investigate whether there are current programs to assist persons in your situation.
• Sales before foreclosure. You may wish to work with a licensed real estate agent or broker to attempt to close on the sale of the property before the date of the Trustee's sale.
• Short Sale. A short sale is a sale where the beneficiary agrees to accept less than a full payoff of the amount due to the beneficiary at the closing of the sale of the property. You may wish to explore this alternative by working with an experienced short sale negotiation service or real estate agent or broker experienced in this area.
• Refinancing. It is possible that you may be able to apply to a new lender to provide terms that are more affordable. You would need to contact a lender or mortgage broker to explore this avenue.
• Loan modification. A change in the terms of your existing loan (loan modification) may be acceptable to your existing beneficiary. You can investigate this by asking the lender or authorized agent about the possibility.
• Deed in Lieu of Foreclosure. This alternative will require the beneficiary's consent and you will need to investigate the beneficiary's willingness to do so with the authorized agent.
• Bankruptcy. You will need to contact an attorney experienced in this area to explore this alternative.

We may ask you for additional paperwork to explore those alternatives and a sample listing of the forms you may need to supply to us for each borrower includes, but is not limited to:

• Two (2) recent paystubs.
• Employment histories.
• Most recent bank statements.
• Most recent filed tax returns.
• Written explanation reasons why you need alternatives to foreclosure.
• Proof of income for all income sources you wish to have considered.
• Proof of occupancy such as a recent utility bill in your name.
• IRS Form 4506-T: Request for Transcript of Tax Return.

For Non-owner occupied property we may also require, among other things:

• Rent rolls.
• Rental Agreements or leases.
• Your principal address and contact information.

You may have other alternatives to foreclosure and can explore those by clicking the links below. You may also contact the Washington State Department of Financial Institutions by telephone at 1.877.894.HOME (1.877.894.4663) for the purpose of contacting a department certified housing counseling agency.

LINKS:
U.S. Department of Housing and Urban Development
Washington State Department of Financial Institutions
Home Foreclosure Legal Aid Project