Important Foreclosure Information

As your credit union, we are aware that current economic conditions have created a challenging situation for many individuals and families to meet their financial obligations. If you are facing difficulties making your mortgage payments, you should take immediate action and call America First at 800-290-1112 as soon as possible.

The quicker you do, the more options you will have to avoid the start of foreclosure action on your property. The longer you wait the more difficult and expensive the process is to stop. A formal foreclosure will damage your credit rating, and your ability to borrow money in the future will be negatively impacted.

American First Credit Union will work with you to help you keep your house and avoid the costly foreclosure process. Please remember, however, that your lender is under no obligation to offer or accept a new arrangement. If you have become delinquent on your loan, you are responsible for the default and it is at the discretion of the lender to offer and accept potential remedies.

Options that may be available to you based on our evaluation and your individual situation include:
• Loan Modification – An option to temporarily change the terms of the mortgage to make payments more affordable. Example actions include an extension to the number of years on the loan, or change the rate to lower your payment during your hardship.
• Forbearance – 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.
• Short Sale – If affording a home is no longer an option , then a short sale can be an option. Short sale allows the member to sell their home even if the mortgage balance exceeds the value of the home.

The most important step is to get help as early as possible. Remember, doing nothing will cause the greatest setback.

Contact America First Credit Union at 800-290-1112 and we will guide you through the process and help you determine which option is best for you.
To speak to a certified housing counselor, contact Housing and Urban Development (HUD) at 800-569-4287.