Vons Credit Union understands that current economic conditions may have created challenging situations for many individuals and families to meet their financial obligations. If you are facing difficulties making your mortgage payments, we recommend that you take action immediately by calling your lender or a HUD-approved housing counselor. (see contact details below)
The sooner you take action, the more options you will have to avoid the start of a foreclosure action on your property. A formal foreclosure will damage your credit rating, resulting in a negative impact on your ability to borrow money in the future.
Depending upon your situation, your lender may be able to provide you with temporary financial relief. Here are a number of alternatives to discuss with your lender:
- Repayment Plan - The lender may agree to give you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.
- Loan Modification - The lender may present an option to change the the terms of the mortgage to make payments more affordable. Common loan modifications include:
- Adding missed payments to the existing loan balance
- Making an adjustable-rate mortgage into a fixed-rate mortgage
- Extending the number of years you have to repay
- Forbearance - The lender may allow reduced or suspended payments for a short period of time, after which another option will be agreed upon to bring the loan current. A forbearance option is often combined with a repayment plan or modification to bring the account current at a specific time.
Financial documents you will need available for discussion with your lender include:
- Most recent pay stubs
- Most recent W-2 tax statement
- Most recent bank statement
- A written statement explaining your financial hardship
- A written financial statement detailing your income and expenses
WHO TO CALL:
If your mortgage lender is Vons Credit Union: 800.488.8328
If your mortgage lender is another institution: Contact your
Lender directly
FOR COUNSELING:
We partner with BALANCE, a financial education and counseling service that offers free, confidential counseling to help individuals and families get back on track with their bills. A BALANCE counselor can go over your income and expenses and offer options for dealing with your debt. The best time for dealing with your finances is before they become a problem. We encourage you to take advantage of this opportunity to go over your situation with a professional. Your call to BALANCE is free. For more information, or to schedule an appointment, call 888.456.2227, Monday through Thursday, 5:00am to 8:00pm (PST), Friday, 5:00am to 5:00pm and Saturday, 8:00am to 5:00pm.
We partner with BALANCE, a financial education and counseling service that offers free, confidential counseling to help individuals and families get back on track with their bills. A BALANCE counselor can go over your income and expenses and offer options for dealing with your debt. The best time for dealing with your finances is before they become a problem. We encourage you to take advantage of this opportunity to go over your situation with a professional. Your call to BALANCE is free. For more information, or to schedule an appointment, call 888-456-2227, Monday through Thursday, 5:00 a.m. to 8:00 p.m. (PST), Friday, 5:00 a.m. to 5:00 p.m. and Saturday, 8:00 a.m. to 5:00 p.m.
You can find a credit counseling agency in your local phone book or by contacting the U.S. Department of Housing and Urban Development (HUD) at 800.569.4287 on weekdays between 9:00am and 5:00pm Eastern time. Click here,to find a list of HUD-approved agencies on their website.
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