Avoid Foreclosure | My Credit Unions wants to help you avoid foreclosure and remain in your home
We understand that the current economic environment is causing financial hardships for many people, including credit union members. If you’re having trouble making payments on your home equity loan, home equity line of credit or first mortgage, we’re here to help.
Please consider all of your options before risking the possible loss of your home to foreclosure. There are numerous alternatives available.
The first step would be to contact your lender directly if you need assistance; you do not need to pay a third party to request a loan modification.
Most credit unions have programs available to help, you may be eligible for a loan modification.
A lender will review your financial situation to determine the best possible way to assist you. In order to do this, be prepared with the following information:
- A letter from you explaining your current financial situation and hardship
- Your last payroll check stub or unemployment check stub
- A completed financial statement form that we will provide to you
Owner is greater than 90 days late on payments and lender has started foreclosure process with a notice of trustee sale. These properties are generally not readily for sale and are what you see.
The owner is selling and does not have funds equity to close the transaction and needs short sale approval from lenders. Typically owes more than market value of property and may or may not be in pre-foreclosure. If the lender(s) approve they will take it short as far as the mortgage owed
Other useful resources
Department of Housing and Urban Development (HUD) offers counseling for homeowners whose mortgage loans have become delinquent. This counseling might help you avoid foreclosure. 800-569-4287 or TTY 800-877-8339
Fannie Mae — Know Your Options website. Avoid foreclosure. Get the help you need.