COVID-19 Mortgage Assistance

As we continue to monitor the rapidly evolving COVID-19 situation, we want to assure you that payment relief assistance is available on your mortgage loan.

Q: Who Qualifies for the Covid-19 Forbearance Program?​

A: Those who are directly or indirectly impacted by COVID-19. If the reason for your request is due to another concern we have other programs available to help. 

Q: I have been financially impacted, now what?

A: If you have been financially impacted by COVID-19, different solutions are available depending on the investor of your mortgage.  Contact us and we can explain your forbearance options. A mortgage forbearance is an agreement between you and your mortgage servicer that lets you stop making payments on a temporary basis during your hardship. 

It's important to note that mortgage forbearance is not mortgage forgiveness, meaning you still have to pay back what you owe.

Q: What happens at the end of the time my payments were on a forbearance?

A: A forbearance should not be considered as free money. In most cases, the amount must be repaid in a balloon payment at the end of the forbearance period. Making the balloon payment may be an even greater hardship down the road than continuing to make your mortgage payments now.

What if I can’t pay the balloon payment at the end of the forbearance period?

A: If you are unable to pay the balloon payment, options may be available to help. These options are based on individual need and are not guaranteed. Depending on your investor this may impact your payment, interest rate or term, or the amount forborne may be due at maturity or if you refinance or sell. We will require an application for the modification and supporting income and asset documentation for the analysis. The modification documents will need to be signed by all parties on the Note.

Q: What is a balloon payment?

A: A balloon payment is a lump sum payment of an amount due. As an example, if the forbearance period is for 3 months and each monthly payment is $3,000 the balloon payment due at the end of the forbearance period is $9,000.00.

Q: What if I just want a lower rate and/or payment?

A: This program is not designed to lower your rate or payment. It is for borrowers that have had negative financial impact as a result of COVID-19 who are requesting temporary payment relief.

Q: Will you report my loan negatively to the credit bureaus?

A: No. During the period of time your loan is in forbearance we will not report your loan as late. Once the forbearance is completed, your loan will need to be brought current by one of the options listed above in order to avoid negative credit reporting of your loan.

Q: Will I have late fees as a result of COVID-19 impacting my ability to make my payment?

A: No. For borrowers who demonstrate they have been impacted by COVID-19, 1st Security Bank will waive late fees for the period of time your loan is in forbearance. You will continue to receive monthly statements showing the activity on your loan, including the accumulating payments.

Q: Will my loan be referred to foreclosure if I can’t make my payment during this period?

A: No. During the COVID-19 forbearance period your loan will not be referred to foreclosure.

Q: If I have enrolled in automatic payments on my loan, do I need to call and cancel if I don’t want my next payment to be automatically processed?

A: Yes. You can call or email us at least 3-business days before the withdrawal date and we will cancel your autopay.

Q: How do I get assistance?

A: If you have been impacted by COVID-19 and would like to request a payment forbearance, you may email us at loanpaymentrelief@fsbwa.com. Please provide your full name, loan number, and a good contact phone number and we will reach out to you within two business days. You may also submit the form at the top of this page or call us directly at 425-697-8099 to reach a representative. Our hours of operation are Monday through Friday, 8:00 a.m. to 5:00 p.m. Pacific Time.

Q: Are branches open to make my payment?

A: Branch lobbies are closed to walk-in traffic but will be open by scheduled appointment. Branch office hours available for appointment are Monday through Friday typically during normal business hours. Please visit www.fsbwa.com for specific branch hours and openings.

In summary, a forbearance can provide immediate relief in a time of a COVID related emergency and is certainly an option to consider. However, borrowers should normally only request a forbearance if there are no other alternatives.

To request assistance with Loan or Mortgage payment relief, please complete and submit a short request form:

Call our Loan Control department directly:

(425) 697-8099

CARES Act Mortgage Forbearance:
What You Need to Know