Loan Workout Options May Be Available
If you find yourself unable to make your MMS monthly mortgage payments, contact us right away! The sooner you contact us, the more options you may have to working out a solution. Click below for more information.
Loan Workout Options may be available
The right option for you depends on your individual circumstances. If you provide all required information and documentation about your situation, we can determine if you qualify for temporary or long-term relief, including solutions that may allow you to stay in your home (refinance with your Credit Union, repayment, forbearance, loan modification) or leave your home while avoiding foreclosure (short sale or deed-in-lieu of foreclosure).
Note: You are still responsible for making your payments while your Workout Loan request is being reviewed. Collection efforts, late fees, and late payment reporting to credit bureau(s) may occur if your loan payment(s) are past due.
The following Workout Loan options may be available to Members who are unable to afford their monthly mortgage payment and who wish to avoid foreclosure:
- Forbearance -- If you are experiencing a temporary hardship, a short term reduction or suspension of your mortgage payment may be an option
- Loan Modification -- A change in the repayment terms of your loan
- Refinance -- Obtain a new loan with your Credit Union, if you qualify
- Repayment plan -- Repay the amount you are behind over several months
The consequences of Foreclosure
It is important to understand what could happen if your home goes into foreclosure:
- 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
Request a Loan Workout
If we are your mortgage servicer, contact us right away at 866.441.4447 and have ready the following items when requesting a Workout loan:
- Completed Borrower Response Packet
- Income verification -- current pay stub if you are a wage earner, current P&L if you are self-employed, previous year's tax return and the last three month's bank statements
- Completed Modification Request and Hardship Affidavit
- Hardship letter -- write a letter that explains your situation and how a Workout Loan will help you avoid foreclosure. Be sure to sign your letter!
- Tax Form 4506-T (request for Transcript of Tax Return)
You have the right to use a third party, such as s Counseling Service or an Attorney, to assist you with this process. A signed consent form is required from you in order for us to speak with a third party about your account.