What are the options for loss mitigation at Washington Mutual?

Washington Mutual - Mortgage/ Credit Lines Loss Mitigation provides various options for borrowers who are facing financial difficulties and need assistance in managing their mortgage payments. These options are designed to help customers avoid foreclosure and find a solution that fits their individual situations. One of the primary options is loan modification, which involves changing the original terms of the mortgage to make the payments more affordable. This could include extending the loan term, reducing the interest rate, or even lowering the principal balance. Each of these changes is tailored to the borrower's specific financial circumstances and needs. Another possibility is a repayment plan, which allows borrowers to catch up on missed payments over time. This may involve making regular payments with a higher amount for a set period until the debt is repaid. For borrowers experiencing temporary financial hardship, this could be a beneficial route. Washington Mutual may also offer forbearance agreements. These agreements allow customers to temporarily pause or reduce their mortgage payments, providing short-term relief while they work on regaining their financial footing. In some cases, borrowers may also explore options like short sales, where the property is sold for less than the mortgage balance, with lender approval. Lastly, Washington Mutual may provide assistance in the form of foreclosure alternatives, which are designed to help customers transition out of their homes while mitigating the impact on their credit scores. It is advisable for borrowers to refer to the current web page for more information on these options and to understand the specific requirements and processes involved.