Avoiding Foreclosure
If you are having difficulty making your mortgage or home equity payment, ACU may be able to help. Foreclosure is a last resort and we are willing to explore all options to help you avoid it. But please don’t wait. Contacting us as soon as you’re having trouble with your payments will allow us the best chance to help you find a reasonable solution.
Some possible options we can offer include:
- Refinancing your loan, extending the repayment period, and/or reducing the interest to lower your monthly payments.
- Modifying your loan to make your payments more affordable.
- Making special arrangements based on your individual circumstances.
- Selling your home and repaying the entire mortgage or home equity loan. If your home’s value is less than your outstanding loan balance, ACU may be willing to accept less money and develop a repayment plan for the remaining amount due.
To discuss the options listed above, contact us at 1.866.968.7128. To help us evaluate your situation and eligibility for these options, please have the following information ready:
- A hardship letter explaining why you are unable to make your payments
- Verification of all household income
- Recent statements from all credit union, bank, or brokerage accounts
- Most recent IRS tax return and all supporting documentation
- Property tax statement
- Detailed list of all your expenses, loans, and bills
We may also ask you to provide additional documentation depending on your situation.
To explore other possible solutions, contact the office of Housing and Urban Development at 1.800.569.4287 to find a certified housing counseling agency.