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Mortgage Loan Toolkit

If you have a mortgage loan with a monthly payment that has become unaffordable (or soon will be) due to rapid increases, there are actions that you can take to turn this situation around and protect your home and credit history.

It is critical that you contact your lender to talk about your options. Most lenders will work with you to avoid or resolve delinquency issues if you work with them. It is in their financial interest to help you find a way to make your payment rather than to foreclose and sell your house.

If your mortgage payment is stressing you out, here are some options that might be of help:

Contact SECU. Call us or come by today and see if we can refinance your loan to one that has more favorable repayment terms! We may be able to help!

Contact your lender. Talk to them by phone or in person. Find out the following:
  • Can your loan payment be extended for a month? Will this get you back on your feet or do you need a different loan to make the payments affordable? To get an extension you may be asked to provide a hardship letter explaining why you are having difficulties making your payments. If so, please provide the letter.
  • Can your lender refinance the loan with a lower rate and affordable repayment terms? Watch out for high closing costs, high interest rates and penalty fees! Compare their new loan to an SECU loan before you refinance
  • Does your lender have a forbearance or partial repayment plan? Such a plan allows you to spread the repayment of a delinquent payment over several months. This may give you time to catch up your mortgage payment and avoid foreclosure.
  • Can the terms of your loan be modified? In a modification you pay a fee and the interest rate and/or payment terms are changed so that the monthly payment is more affordable for you. Be careful here again. The fee should not be excessive. We would be glad to look at your modification terms and see if we could offer you a better deal.
Get a debt consolidation loan. Would such a loan reduce the monthly payments on your other debt and make your mortgage payment affordable? Check with us and let's take a look!

Contact BALANCE. BALANCE is a consumer credit counseling group that we partner with to provide counseling services. BALANCE financial counselors can review your financial situation anonymously over the phone. They look for ways to help you better manage your debt and to revamp your finances to make payments affordable. There is no charge to you for this service. To contact BALANCE, please visit their website at www.balancepro.net or call toll-free, 866-747-7328.

*Quoted rates, dividends, annual percentage yields (APY) and rates (APR) are subject to change daily at the discretion of the Board of Directors.