As your credit union, we are aware that the current economic conditions have caused challenging situations for many individuals and families to meet their financial obligations and, we're here to help. If you are facing difficulties making your mortgage payments, please contact your lender as soon as possible so they can inform you of your options to avoid foreclosure. Currently there are programs that can assist members faced with financial difficulties to keep them in their homes. The quicker you act the more options you will have available to you.
Program options that may be available to you include
- Repayment plan
- Loan modification
- Short sale
The effects of waiting longer to contact your lender
- Negative impact on your credit score which could affect obtaining future lending
- Loss of money invested into your home
- Liable for losses the lender incurs
To get started please have the following documents when contacting your lender
- Most recent pay stubs
- Most recent W-2 tax statements
- Most recent bank statements
- A written statement explaining your financial hardship
- A written financial statement detailing your income and expenses
If you do not have your 1st mortgage with F&A, and are looking for assistance on your 2nd or HELOC you will also need the following
- Copy of recent 1st mortgage statement
If your mortgage lender is F&A please contact 800-222-1226, extension 5243.
If your mortgage lender is another institution please contact them directly.
For more information, here are additional resources
Fannie Mae
http://www.knowyouroptions.com
HUD
http://www.hud.gov 800-569-4287
