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How to avoid foreclosure

If you find you are having trouble making your monthly mortgage payments, we recommend you take action immediately to prevent foreclosure on your home.


Act quickly

By waiting longer, you make the foreclosure process more complicated and expensive to stop. In addition to losing your home, foreclosure will negatively impact your credit rating and decrease your future chances of getting a loan.

Most mortgage lenders, including the credit union, would rather avoid the costly foreclosure process and work to help you keep your home. However, keep in mind that no lender is under any obligation to offer or agree to alternative payment options. Any loan default is solely your responsibility and it is up to the lender to decide whether to offer potential solutions.


Options that may be available

Payment options are based on the lender’s evaluation of your personal financial situation and may include:

Repayment plan — Lender may agree to a payment schedule to help bring your account current.

Loan modification — Lender may recommend modifying the mortgage terms such as extending the number of years to repay the loan, or changing an adjustable rate to a fixed rate.

Forbearance — Lender may reduce or suspend payments temporarily, after which another payment plan will be agreed upon to bring the loan current.


Be prepared

To have your financial situation accurately evaluated, be prepared to provide your lender with the following information:

  • Most recent pay stubs
  • Most recent W-2
  • Most recent account statement
  • A letter describing your financial situation
  • A written detail of your expenses and income

Act today. Keep your home.

Mortgage with UMe: (877) 344-4071
Mortgage with another lender: Contact lender directly
For counseling – HUD (housing and urban development) certified housing counselor:
(800) 569-4287

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