Know Your Options
We are in this together. We all face challenges, and by working together you may have options to avoid foreclosure. If you are struggling to make your mortgage loan payment contact us today to see if we can help.
Here are some possible options:
Your checking and savings accounts are not your only sources for making payments.
You may be able to repay your home loan using:
- Using funds from your 401(k) account—ask your employer about making a "hardship withdrawal".
- Selling stocks and bonds you may own.
- Requesting the cash value of any life insurance policies.
Before you use any of these other sources to pay your home loan, please make sure you understand any penalties or tax issues that may result.
If you have missed one or more home loan payments, we may be able to create a repayment plan that spreads out the past due amount over several months. That means that each month, you would pay your regular monthly payment amount plus part of the amount you are behind, until you catch up. Please contact us to see if this option is available to you.
With a repayment plan you may be able to:
- Repay the past due amount over time.
- Postpone foreclosure proceedings.
To get started, simply complete our Borrower Assistance Form.* You can fill it out then fax or mail it to us. See the form for details.
If your loan is past due, we may be able to work together to get your loan back on track. The sooner we discuss your loan the better choices we may be able to offer you. Please contact us to see if this option is available to you.
If your home loan is past due, we may be able to:
- Reduce your interest rate, so your monthly payments are lower.
- Extend your loan term so that your monthly payments are smaller, but spread out over a longer period of time.
- Add your past due amount to your outstanding loan balance, so you can get back on track with your regular payments.
- All of the above.
To find out if these options are right for you, complete our Borrower Assistance Form.* You can fill it out then fax or mail it to us. See the form for details.
Forbearance is when we agree to postpone a pending foreclosure sale to give you an opportunity to temporarily make reduced monthly payments while we develop a long term solution for you. We may be able to offer you a forbearance plan if you are experiencing a temporary hardship, trying to sell your home, or attempting to change the terms of your loan. Please contact us to see if this option is available to you.
With a forbearance agreement you may be able to receive:
- A short-term break from payments or reduced monthly payments.
- A short-term postponement of a foreclosure sale to work toward a long term solution.
To find out if a forbearance plan is an option for you, complete our Borrower Assistance Form.* You can fill it out then fax or mail it to us. See the form for details.
Depending on your situation, selling your home may be the best option. We may be able to accommodate a "short sale", where you pay off most of your home loan.
Even if you owe more than your house is currently worth, a short sale may enable you to:
- Control the timing and details of your home sale.
- Control the timing and details of moving from your home.
To find out more about a short sale, start by completing our Borrower Assistance Form.* You can fill it out then fax or mail it to us. See the form for details.
If you want to apply for a short sale, you'll also need to provide:
- A signed purchase contract between you, as the seller, and your buyer.
- An estimated HUD-1 Settlement Statement.
- Lien release letters for any other mortgages or liens on the property.
- Letter authorizing WaMu to discuss the transaction with your realtor or title company.
Get started by providing your current financial information. Please complete our Borrower Assistance Form.*
Here are the ways you can send us this information:
| Fax |
(904) 886-1329 |
| Email |
homeownersassistance@wamu.net |
| Regular mail |
Washington Mutual
Home Preservation JAXA2000
7255 Baymeadows Way
Jacksonville, FL 32256 |
With a "deed-in-lieu of foreclosure", borrowers voluntarily transfer ownership of their house to their lender. If you do not have any other loans, liens, or judgments against your house, you may be able to qualify for a deed-in-lieu--but we will consider all other options first.
With a deed-in-lieu of foreclosure you may be able to:
- Avoid additional foreclosure charges.
- Arrange your move-out date.
Get started by providing your current financial information on the Borrower Assistance Form.* You can fill it out then fax or mail it to us. See the form for details.
*Download free Adobe® Reader®.
Getting Help
If you fall behind on your home loan payments, there are resources that can help you.
A smart first step is to contact us at (866) WAMU-YES, or (866) 926-8937.
Below you'll find other options for advice and assistance, as well as some words of warning.
Who to trust:
Who NOT to trust: Foreclosure scams
WaMu Community Outreach seminars can help you understand your options. A WaMu Community Outreach manager may even be able to meet with you one-on-one to go over your options.
For upcoming seminars, call toll-free (866)WAMU-YES / (866) 926-8937, or email your local Community Outreach manager at wamucares@wamu.net.
WaMu can be your starting point for credit counseling—we're here to help, so first call toll-free (866) WAMU-YES, or (866) 926-8937.
You can access the Department of Housing and Urban Development’s (HUD’s) voice response system for a list of approved credit counseling agencies at (800) 569-4287.
The following sources may also offer guidance and support:
Deals that seem too good to be true almost always are. Foreclosure scams promise to solve your financial problems with little cost or effort, but they may have a big cost in the end.
Remember: Call WaMu first—we offer real options for resolving your home loan issues.
Beware of these typical scams:
- You surrender the title to your house to the scammer, who promises to let you rent the house and buy it back in the future.
- You think you're signing documents to bring your home loan current, but you're really signing away the title to your home, leaving you with a mortgage, but no home.
- You think you're getting a loan to bring your loan current and pay the past due amount, but you’re really selling your home for that amount. The scammer quickly sells it for a large profit, leaving you with a mortgage, but no home.
- You pay the scammer a fee to take care of everything for you, but they don't.
You’re Not Alone
We understand that sometimes unexpected life events happen. Such events can make it difficult to make mortgage payments. We understand each situation is unique and personal. Here are a few representative WaMu customer experiences from around the country.
These customers got help. Call us to see if we can help you too!
Detroit, MI
"I was ill for several months, and I then lost my job. I was about to lose my home when I went to a WaMu Community Outreach event. WaMu stopped the foreclosure the day before the auction and gave me 90 days with no payments. I was able to get well, find a new job, and save my home!"
Oakland, CA
"I had my WaMu mortgage for 19 years. Then, the IRS garnished my wages for back taxes and I couldn't make my loan payments. Instead of foreclosing on my home, WaMu offered me new loan terms that helped me keep my home."
Atlanta, GA
"My husband was severely injured in an automobile accident and couldn't work. WaMu said it was OK if we skipped two months of payments while we got back on our feet. After that, they restructured our mortgage so we were able to stay in our home."
Dallas, TX
"Right after we bought our house, I lost part of my eyesight and couldn't work anymore. We couldn't make the house payments on my husband's salary alone, and we didn't know how to save our home. We went to a WaMu Community Outreach seminar to get more information, and the WaMu Cares team set up a face-to-face meeting because of my poor vision. They offered us a new loan with a lower interest rate and a longer loan term, so now we can afford to make the payments using just my husband's paycheck."
