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Mortgage Payment Options

  • You may be able to refinance your loan, extending the repayment period and/or reducing the interest thereby lowering the payments.
  • 1st Security Bank may be able to modify your loan, to make your payment more affordable.
  • 1st Security Bank may be able to provide you with special forbearance, in light of your current circumstances.
  • You may be able to sell your home and repay your mortgage in its entirety. If your home’s value is less than your outstanding loan balance, the Bank may be willing to accept less money than you owe as full payment (a short sale).
  • You may be able to surrender the deed to your house voluntarily, to avoid the foreclosure process.

In order to evaluate your eligibility for these options we must review some documents. Please prepare the following documents for our conversation:

  • Recent pay stubs (or other proof of income, such as SSI payments or retirement income).
  • Recent statements from all bank or credit union accounts.
  • Tax return and all supporting documentation.
  • Property tax statement.
  • Hardship letter explaining why you are unable to make your payments.
  • List of monthly expenses, and
  • Additional documentation of your expenses.

To explore any (or all) of these options, regarding your mortgage loan, contact 1st Security Bank at (800) 683-0973, ext. 8099. This is a toll-free call.

Two other agencies which will help you find a certified housing counseling agency are:

  • Washington’s Department of Financial Institutions at (877) 894-4663 (877-894-HOME)
  • Office of Housing and Urban Development at (800) 569-4287.