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Facing Foreclosure, What You Should Know

Working with Mortgage Borrowers

The federal financial institutions regulatory agencies encourage financial institutions to work constructively with homeowners who are financially unable to make their contractual payment obligations on their home loans. Many homeowners may face significant payment increases when their adjustable rate mortgage (ARM) loans reset in the coming months. These borrowers may not have sufficient financial capacity to service a higher debt load, especially if they were qualified based on a low introductory payment. The agencies have long encouraged borrowers who are unable to meet their contractual obligations to contact their credit union or servicer to discuss possible payment alternatives at the earliest indication of such problems.

Mission Federal Credit Union offers workout programs that are consistent with safe and sound lending practices and are in the long-term best interest of both the membership and homeowner. However, there may be instances when workout arrangements are not economically feasible or appropriate.

It is critical that you contact Mission Fed to talk about your possible options for assistance which includes:

  • Loan modifications
  • Repayment plans
  • Deed-in-lieu
  • Short sale
  • Forbearance Please contact Mission Federal Credit Union Loan Servicing at 800.500.6328 ext. 8409 to speak to a Loss Mitigation Specialist. To apply for assistance, please be prepared to provide the following items. Further documentation may be requested upon review of your circumstances.
  • Written request for workout relief which needs to contain a detailed explanation of your current financial circumstances
  • Last statement from all other mortgages (1st Trust Deed, 2nd Trust Deed)
  • Year to date income verification, most recent paystub(s) and most recent years income tax returns (if self-employed 2 years returns)
  • Statement of any delinquent state or federal income taxes
  • Lease or rental agreement for non-owner occupied property
  • Income and Expense statement
  • Loan application

 

The United Stated Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide.

The toll-free telephone number to find a HUD-certified housing counseling agency is (800) 569-4287 or TTY (800) 877-8339

Foreclosure Assistance Resource Links:
http://www.hud.gov
http://www.knowyouroptions.com

Community Counseling Agencies:
https://www.efanniemae.com/sf/homestay/index.jsp
http://www.chworks.org
http://fharefinancemortgages.com