Alternatives to Foreclosure

We understand that our members may periodically run into financial hardships. There are many options that may be available to you.

If your mortgage or home equity loan is with Kitsap Credit Union, you may be able to refinance your loan, extending the repayment period and/or reducing the interest, thereby lowering the payments. If your mortgage is NOT with Kitsap, contact your lender for assistance.

Kitsap Credit Union may be able to modify your loan, to make your payments more affordable.

You may be able to surrender the deed to your house voluntarily, to avoid the foreclosure process.

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, we may be willing to accept less money than you owe as full payment (a short sale).

To explore any (or all) of these options, contact us at 360-662-2220 or toll free at 800-422-5852.

In order for us 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

You may be required to provide additional documentation of your expenses

To contact Kitsap Credit Union regarding your mortgage loan, call: 360-662-2220 or toll free at 800-422-5852.

Additional resources available to help you research and understand your options include:

Washington's Department of Financial Institutions will help you find a certified housing counseling agency. You can reach them at 877-894-4663 (that's 877-894-HOME).

The office of Housing and Urban Development will also help you find a certified housing counseling agency. That office can be reached at 800-569-4287.