WaFd Bank's Homeowner Assistance Department is here to assist our mortgage customers experiencing financial difficulty. A variety of options that may be available are:
Options for Keeping Your Home
Repayment Plan
Repayment plan allows you to pay past due mortgage payments, along with your regular monthly payment, in installments over time. During the repayment period you will have a higher monthly mortgage payment.
Hardship Modification
A mortgage loan modification provides a temporary change to the existing terms of the loan. The monthly mortgage payment is modified, either by adjusting the amortization, interest rate, or both.
Refinance
Mortgage loan can be refinanced with either WaFd Bank or another lender.
Forbearance Plan
Forbearance plan suspends the regular monthly mortgage payments for a designated period of time allowing you the time to improve or stabilize the financial hardship. Missed payments are not forgiven and considered past due until the loan is brought current. All missed payments will be due at the end of the forbearance period.
Deferral
Short-term mortgage loan deferral due to a hardship being experienced from declared emergency. Program originated in response to the COVID-19 pandemic but may also be used for situations where a state of emergency has been declared, such as widespread fire, flood or inclement weather. Deferred loan payments are added to the back end of the loan to be paid as a balloon payment at loan payoff or maturity (not inclusive of monthly escrowed insurance and/or taxes).
Options for Selling or Transferring Your Home
Short Sale
The home securing the mortgage may be sold for less than you owe. We will review your application to determine the amount and terms of repayment for the remaining balance.
Selling Your Home for More than the Mortgage Balance
A forbearance plan that suspends the regular monthly mortgage payments for a designated period of time allowing you time to sell your home. Missed payments are not forgiven and considered past due until the loan is paid off.
Deed-in-Lieu of Foreclosure
The ownership of the home securing the mortgage may be transferred to WaFd Bank at an agreed to value. We will review your application to determine the amount and terms of repayment for the remaining balance.
How to Apply
Below you will find our application and a list of documents required. There may be additional documents or information requested upon review of your application. If you are unable to access the form linked below, contact us and we will send it to you.
Please note: Loans secured by second homes or rental properties, home equity lines of credit (HELOCs), lot loans, and other personal loans are not eligible for Homeowner Assistance.
Pay stubs, if applicable, for the prior two months
All W-2's received for the prior year
All bank and investment account statements, excluding retirement accounts, for the prior two months
If self-employed and/or receiving rental income:
Prior two (2) years signed tax returns with all schedules
Prior two fiscal year-end and year to date financial statements (profit and loss and balance sheet) for any entities owned by you
Because we value your privacy, please do not email the application documents. When you are ready to submit your application, you may email us for a secure link to submit it electronically.
Alternatively, you may drop off the package at your local WaFd Bank branch or mail it to the address below. If you have any questions or need assistance, please email us at homeownerassistance@wafd.com or call us at 866-453-9710.
WaFd Bank Attn: Homeowner Assistance Department 425 Pike Street Seattle, WA 98101
Additional Resources
For a list of HUD-approved housing counseling agencies that can provide foreclosure prevention information, contact one of the following federal government agencies:
The U.S. Department of Housing and Urban Development (HUD)
