What You Should
Know About Foreclosures
At 1st Valley Credit Union, we are aware that the
economy is creating an environment of hardship for many
individuals and families to meet their financial
obligations. If you are unable to make your mortgage
payment during this difficult time, it is our
recommendation to take immediate action and call your
certified housing lender or lender.
The quicker your plan is put into place, the more
options you will have to avoid foreclosure on your home.
In other words, the longer your wait, the process
becomes much more difficult and expensive. Most lenders
would prefer to work with you to keep your house than go
through the foreclosure process. A formal foreclosure
will damage your credit and hinder your ability to
borrow money in the future.
There are options that are available to you based on
your individual needs and the lender's assessment of
your situation:
Forbearance
- The lender may reduce or suspend payments temporarily,
after which another plan of payment will be agreed upon
to make the loan current. Forbearance is usually
combined with a repayment plan or modification to bring
the account current at a specific time.
Repayment Plan - The lender may accept a schedule
to repay the past-due amounts.
Loan
Modification - The lender may temporarily change
the terms of the mortgage loan to make payments more
affordable. For instance, an extension of the terms on
the loan or lowering the interest rate.
You will need to bring some documentation with you to
discuss these options with the lender:
Most recent W-2
tax statement
Most recent pay stubs
Most recent bank statements
A written financial statement detailing your income and
expenses
A written statement explaining your financial hardship
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Who to Contact |
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If your lender is 1st Valley
Credit Union: |
Sue Studley
(909) 889-0838 Xt. 215
or (866) 429-7493 |
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If your mortgage lender is
another institution: |
Contact your lender directly |
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For counseling - HUD(housing
and urban development) certified housing
counselor: |
(800) 569-4287 |
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For debt counseling - contact
Springboard |
(888) 425-3453 |
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As always, we are here to help. If
you still need further assistance after contacting HUD
or your lender, please feel free to contact us at
1-866-429-7493. |
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