Options That May Be Available and Steps to Take
Please let us know if you are experiencing temporary or permanent financial difficulties making payments on your Coastal Community Bank loan. CCB 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 www.dfi.wa.gov/consumers/homeownership/ for free foreclosure counseling. You may also visit www.dfi.wa.gov/consumers/education/home.htm
Below is a brief summary of some of the tools we have available to assist you and your first steps in pursuing these options:
Refinance - Your loan must be current to qualify. To begin the application process, contact your nearest Coastal Community Bank Mortgage Loan Consultant or call 1-800-958-2382 and ask for a mortgage loan consultant. A complete financial packet will apply. ** To request a loan modification; call 1-800-958-2382 and ask for a mortgage loan consultant.
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. A complete financial packet will apply. ** To request a loan modification; call 1-800-958-2382 and ask for a Special Asset Officer.
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. A complete financial packet will apply. ** To request a loan modification call 1-800-958-2382 and ask for a Special Asset Officer.
Pre-foreclosure sale - This option may allow you to sell your property and pay off your mortgage loan to avoid foreclosure when you can not afford the home long term. To request a pre-foreclosure sale, call 1-800-958-2382 and ask for a Special Asset Officer.