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Find out what you can do if you fall behind
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. The quicker you do the more options you will have to avoid the start of a foreclosure action on your property.
Options that may be available to you based on your lender’s evaluation and your individual situation 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 temporarily change the terms of the mortgage to make payments more affordable. Example actions include an extension to the number of years on the loan, or change the rate to lower your payment during your hardship.
- 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.
- Short Sale - If affording a home is no longer an option, then a short sale can be an option. Short sale allows the Member to sell their home even if the Mortgage balance exceeds the value of the home.
Contact us at 800.232.8669 and we will guide you through the process and help you determine which option is best for you.
Financial documents you will need available for discussion with your lender include:
- Most recent pay stubs
- Most recent W-2 tax statement
- Most recent bank statement
- A written statement explaining your financial hardship
- A written financial statement detailing your income and expenses
Further assistance may be acquired through the U.S. Department of Housing and Urban Development (HUD) to find a HUD-certified housing agency. Call 800.569.4287 or visit the HUD website for additional information.