Having A Hard Time Making Your Mortgage Payments?
If you are in default of a real estate loan with Spokane Federal Credit Union, a representative may contact you to discuss your situation. In preparation, you should collect and be prepared to discuss the financial documents that are listed below. These documents will be useful in helping to see what options that may be available to you to help avoid the real estate's foreclosure and sale.
- Current account statements for all your checking and savings accounts, whether with Spokane Federal or any other financial institution.
- A list of your personal assets, including, but not limited to, all real property, vehicles and securities.
- A list of your major bills.
- Your most recent W-2 form and tax return.
- Your pay stubs from the past six (6) months.
- Benefit statements from Social Security, disability, unemployment, retirement or public assistance.
- Loan documents and current account statements from other loans you have with Spokane Federal and all other financial institutions, including, but not limited to, credit card statements, vehicle loan documents and statements, real property loan documents and statements and student loan documents and statements.
If you are unable to afford mortgage payments and wish to avoid the foreclosure, the following options, among others, may be available to you.
- Special Forbearance - Spokane Federal Credit Union may be able and willing to temporarily reduce or suspend your payments for a fixed period of time. At the end of that time, you must make a lump sum payment or enter into a long term repayment plan to pay back the reduced or suspended amount.
- Repayment Plan - Spokane Federal Credit Union may be able to arrange a simple repayment plan whereby you make your mortgage payment plus an amount of the total in default. The plan could be a few months long or may extend to a year. At the end of the time period, you would have paid off the past due amount and your payments go back to the original payment amount.
- Mortgage Modification - You may be able to refinance the debt and extend the term of your mortgage loan with Spokane Federal Credit Union or some other lender.
- Pre-Foreclosure Sale - This will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating. If you're unable to afford the house long-term, you may sell the house yourself before the foreclosure sale and save some of your equity.
If you wish to contact Spokane Federal Credit Union to discuss any of your Spokane Federal accounts or to discuss options for avoiding the foreclosure of any real estate that secured a debt owed to Spokane Federal Credit Union, please contact Spokane Federal's Member Solutions Department at
(509) 323-1312 or (509) 323-1333. Toll-free at (800) 541-4310 (ask for Member Solutions).
In addition, the Department of Financial Institutions (1-800-894-4663) or Northwest Justice Project (1-800-997-8944 weekdays, from 2:00 to 4:30 p.m.) may be able to refer you to a certified housing counseling agency or provide other assistance or referrals helpful to you in connection with your real estate loan default.