The Wise Choice.

Foreclosure Alternatives

If SaviBank is servicing your mortgage on your principal residence, you are having trouble making your mortgage payment, and you are worried about losing your home through foreclosure, there are options that may be available to you. These may include:

  • Alternative Payment Plans – depending on your financial situation, we may be able to arrange for a modified payment plan that will allow you to:
    • Catch up on overdue payments
    • Pay a reduced monthly payment for a specific time
    • Change your interest rate, amortization period, repayment terms or a combination of these;
  • Deed In Lieu of Foreclosure – If you have no means of repaying your loan, we may be willing to consider an arrangement in which you convey your home to the Bank; in exchange, the Bank would release you from all further liability under the promissory note;
  • Bankruptcy – you may be able to file Bankruptcy that will allow you to discharge debts that are not secured, thereby freeing up money that could be used to make payments on the promissory note
  • Short Sale – if you have a buyer for your home, but for an amount that is not sufficient to repay the entire debt, the Bank may agree to accept an amount less than the full amount due under the promissory note.

While SaviBank is not required by law to do any of these things, we’d like to help—there may be other options than those listed above. The first step is contacting us—you can reach us from 9:00 AM to 5:00 PM, Pacific Time, by calling us toll free at 1-888-707-2060 and asking to speak with Jordan Campbell. 

To facilitate our review of your financial ability to pay the amounts due under the promissory note, you should collect, and be prepared to provide us with the following documents:

A personal financial statement, listing all assets and their fair market value and a listing of all debts and the balance and monthly payment due on each debt;

  • If your debts are secured, copies of the documents creating the security interest;
  • Pay-stubs or other documentation to show current monthly income;
  • A budget, showing all household sources of income and all household expenses each month.
  • Appraisals, market analyses, or any other information that will help us determine the value of your home.

We may also ask you to describe in writing the circumstances that resulted in your inability to make your mortgage payment.

There are various resources available to you in the State of Washington that may help you understand the process. You may wish to contact:

  • The Department of Financial Institutions at 1-877-746-4334. Or, view their website at;
  • The Washington State Bar Association Service Center at 1-800-945-9722;
  • The statewide civil legal aid hotline at 1-888-201-1014