Mortgage Assistance

• Who can I contact for assistance regarding my mortgage payments?
• Options for Financial Hardship

Who can I contact for assistance regarding my mortgage payments to my lender? 

You may contact our affiliate financial counseling agency, BALANCE, at 1-888-456-2227 or www.balancepro.net. BALANCE offers educational material such as, “Early Delinquency Intervention: Saving Your Home from Foreclosure,” which provides homeowners with information on how they might avoid losing their homes through the foreclosure process.

OR

You may contact The United States Department of Housing and Urban Development (HUD), which offers free or low cost counseling services throughout the country. To find a certified HUD counseling agency in our area, please call 1-800-569-4287 (TDD 1-800-877-8339), or go to www.hud.gov.

OR

You may also contact the Department of Financial Institutions, the Washington State Bar Association, or the statewide Civil Legal Aid Hotline for possible referrals.

OR

You may contact one of our Credit Analysts, here at School Employees Credit Union, at 1-800-253-6337 to discuss the best option for your needs.

Please explore every reasonable alternative to avoid losing your home, but beware of scams, and do not sign anything you do not understand. Examples of scams to watch out for:

• Equity Skimming: A buyer offers to repay the mortgage or sell the property if you sign over the deed and move out.
• Phony counseling Agencies: Offer counseling for a fee when it is typically provided at no charge.

Options for Financial Hardship

If you find you are unable to afford your mortgage or home equity loan payments, but want to avoid foreclosure, School Employees Credit Union may be able to assist you with finding solutions to best meet your needs. We have many options available, depending on the type of loan you have and your individual situation.

Sale of Property: You may need to list your home with a real estate agent to sell the property. This action could be recommended if you can no longer afford the mortgage payments on the property.

Repayment or Forbearance: This option will help you bring your loan current by repaying the delinquency over a period of months. Mortgage payments which are 30 days or more past due will continue to be reported to the credit bureau agencies until the loan is brought current. A repayment plan may be considered when faced with a temporary setback.

Loan Modification: A loan modification involves changing one or more of the terms of your loan in order to help bring the delinquent loan current. Modifications may reduce your interest rate, or extend the term of your loan to include delinquent payments.

Bankruptcy: This may be an option to consider if you wish to save the property. Contacting a bankruptcy attorney to review your situation is recommended.

Pre-foreclosure Sale or Short Payoff: If you are unable to sell your home due to a loss in market value, the Credit Union may accept less than the total payoff amount of your loan. This option may be considered when a financial hardship requires the sale of the home at a lesser amount. In this instance, you may be asked to sign a repayment plan for the remaining balance due on the loan. This option will most likely have IRS tax implications, consulting with a tax advisor is recommended.

Foreclosure: This is a legal procedure in which the Credit Union takes possession of the property and sells it in an effort to recuperate the loan loss. This is the last option we wish to consider as it is the most damaging to your credit rating. In this instance, a deficiency judgment may be sought against any person who is liable for the debt, and a statement mailed to the IRS for tax reporting purposes.

To discuss the best option for your needs, please contact us directly at 1-800-253-6337. When calling, please be prepared to discuss your household income and expenses. Additional documentation may also be requested, such as payroll stubs, banking statements, etc.