Options to Prevent
Foreclosure
As your credit union, we are aware that
current economic conditions have created
a challenging situation for many individuals
and families to meet their financial
obligations. If you are facing difficulties
making your mortgage payments, our
recommendation is to take immediate action
and call your lender or a certified housing
counselor (see information below).
Whether your loan is with 1st Valley Credit
Union or another institution, most lenders
are willing to work with you to keep you in
your home. Please remember, however, your
lender is under no obligation to offer or
accept a workout, and the lender has the
discretion to decide to offer potential
remedies.
Options that may be available to you
include:
Repayment Plan
The lender may accept an agreement to help
you get current with missed mortgage
payments by creating a schedule for repaying
the past-due amounts.
Loan Modification
The lender may present an option to change
the terms of the mortgage to make payments
more affordable. Examples include an
extension to the term on the loan or change
a variable interest rate to a fixed interest
rate.
Forbearance
The lender may allow reduced or suspended
payments for a short period of time, after
which another option will be agreed upon to
bring the loan current. A forbearance option
is often combined with a repayment plan or
modification to bring the account current at
a specific time.
Having Trouble Making Payments on 1st
Valley CU Mortgage Loan?
If you are having trouble making payments to
your mortgage at 1st Valley Credit Union, we
will work with you to explore affordable
options so you can keep your home. Give us a
call at (909) 889-0838.
So we can better assist you please have the
following documents available:
-
Account
number
-
Most recent
pay stubs or recent W-2 tax statement
-
Proof of
other income such as alimony, child
support, or disability
-
Most recent
bank statement
-
Promissory
note (if first mortgage is not with 1st
Valley CU)
-
Any other
mortgage documents
-
Homeowner's
insurance policy
-
A written
financial statement detailing your
income and expenses
-
A written
statement explaining your financial
hardship
Additional
Resources
FHA Assistance Program
The Federal Housing Administration’s
HOPE for Homeowners
program offers affordable
refinancing options to homeowners at risk of
default and foreclosure. The program is
effective from October 1, 2008 to September
30, 2011.
Home Foreclosure Guide
View the
article at
www.housing-information.org.
HOPE NOW Alliance
Mortgage industry counselors, servicers, and
investors have combined forces to provide
outreach and assistance to homeowners in
distress. Visit
HOPE NOW or call 1-888-995-HOPE
(1-888-995-4673).
HUD Homeownership Counseling
For a comprehensive list of community
counseling agencies visit
Department of Housing and Urban Development
or call 1-800-569-4287.
