Loans

Avoid Foreclosure

Your credit union is aware that current economic conditions have created a challenging situation for many families to meet their financial obligations. If you are facing difficulties making your mortgage payments, please contact your lender. The good news is programs are available for homeowners having difficulty with their mortgage payment. The sooner you contact your lender, the more options you will have to avoid foreclosure. Whether your loan is with Allied Healthcare Federal Credit Union or another lender, it is important to contact your lender as soon as you recognize a problem making your mortgage payments.

The consequences of foreclosure:

It is important to understand what could happen if a lender forecloses on your home.

  • The money you have invested in your home will be lost
  • Negative consequences to your credit score
  • Negative impact on your ability to obtain a mortgage in the future
  • You could be held liable for any losses the lender incurs

Options that may be available in the lenders sole discrection would include, but not limited to:

  • Loan modification - A change to the terms of your loan.
  • Forebearance - Reduced or suspended payments for a set period of time, followed by other agreed-upon options to bring the loan current
  • Repayment plan - A schedule of payments to catch up past-due amounts
  • If you do not want to or cannot remain in the home some options would include:
    • Short sale - for a individual who would like to sell his/her home even though the value of the home is less than the total amount owed on the loan. Requires prior written approval from Allied Healthcare FCU.
    • Deed-in-Lieu - For an individual who cannot sell his/her home, a deed in lieu solution may be an option. Requires prior written approval from Allied Healthcare FCU.

Financial documentation you may need for discussion with your lender:

  • Most recent tax returns
  • Copies of two most recent paystubs or most recent quarterly or YTD profit/loss statement if self-employed
  • Most recent W-2
  • Most recent bank statements
  • A written statement explaining your financial hardship
  • A written financial statement detailing your income and expenses

Other documentation may be required for full consideration. Please contact your lender for specific requirements and programs.

Act now, don't delay

If you are having difficulty making payments on your Allied Healthcare FCU mortgage, give us a call at 

(888) 488-9105 ext 30377 to discuss your options.

HUD

Toll-free telephone numbers made available by HUD to find a HUD-certified housing counseling agency:

  • Visit www.hud.gov or call 1-800-569-4287 to get connected with a foreclosure prevention counselor in HUD's network of non profit partners.
  • You can also visit www.hopenow.com or call 1-800-995-HOPE for help from the HOPE NOW alliance of counselors, investors and mortgage companies.
  • Equal Housing Lender