The following options may be available to you if you are unable to afford your mortgage payments and wish to avoid foreclosure:
A repayment plan where you begin making your regular monthly payment in additional to a portion of your past-due payments each month until you bring the loan current.
A loan modification where the terms of your loan are changed to lower your monthly payment, extend the term of your loan, change the interest rate on your loan or a combination of these.
A short sale of your property where your property is listed for sale and sold for less than the full loan amount owing, which the credit union may accept as full satisfaction of the amount you owe.
A deed-in-lieu where you sign over your ownership interest in your property to the credit union in order to avoid the foreclosure process.
Please note that you may or may not be considered for some or all of the above foreclosure avoidance options. P1FCU reserves the right to decline any or all of the above foreclosure avoidance options. Information is provided below to contact P1FCU to determine if any of these options are available.
Before contacting P1FCU to discuss options to avoid foreclosure, please collect and be prepared to present to the credit union the following documents:
Your member account number;
Your most recent federal tax return;
Your most current income documents, including paystubs and public benefits documents (for example unemployment, social security, pension);
A list of your monthly expenses.
Please contact P1FCU to discuss options for avoiding foreclosure and ask for the Asset Recovery Department at 1-800-843-7128.
Housing counselors and legal assistance may be available at little or no cost to you. If you would like assistance in determining your rights and opportunities to keep your house, you may contact the following:
United States Department of Housing and Urban Development:
Local counseling agencies in Washington:
The statewide civil legal aid hotline for assistance and referrals to other housing counselors and attorneys: