Unable to afford your mortgage payments, but want to avoid foreclosure?
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There are many options that may be available to you.
You may be able to refinance your loan, extending the repayment period and/or reducing the interest, thereby lowering the payments.
Global Credit Union may be able to modify your loan, to make your payments more affordable.
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You may be able to surrender the deed to your house voluntarily, to avoid the foreclosure process.
Global Credit Union may be able to provide you with special forbearance, in light of your current circumstances. You may be able to sell your home and repay your mortgage in its entirety. If your home’s value is less than your outstanding loan balance, Global Credit Union may be willing to accept less money than you owe as full payment (a short sale).
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To explore any (or all) of these options, contact Global Credit Union 800.676.4562 ext. 4719. This is a toll-free call.
In order for us to evaluate your eligibility for these options we must review some documents. Please prepare the following documents for our conversation:
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• Recent pay stubs (or other proof of income, such as SSI payments or retirement income)
• Recent statements from all bank or Global Credit Union accounts
• Tax return and all supporting documentation
• Property tax statement
• Hardship letter explaining why you are unable to make your payments
• List of monthly expenses
• You may be required to provide additional documentation of your expenses
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To contact Global Credit Union regarding your mortgage loan call 800.676.4562 ext 4719.
Washington’s Department of Financial Institutions will help you find a certified housing counseling agency. You can reach them at 877-894-4663 (that’s 877-894-HOME).
The office of Housing and Urban Development will also help you find a certified housing counseling agency. That office can be reached at 800-569-4287.
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Helpful Links
WA State Dept. of Financial Institutions Foreclosure Help and Info
Homeowenership.wa.gov
Foreclosure prevention
Weathering Tough Times
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