Options to explore.
If you are having difficulty making your mortgage payments, but wish to avoid foreclosure, OnPoint Community Credit Union may be able to help. Depending on your situation and loan type, there are a number of options that may be available to you:
- You may qualify for modification of your existing OnPoint loan in order to make your payments more affordable.
- If you qualify, you may be able to refinance your loan for an extended term and/or lower interest rate, which would reduce your payments.
- If you sell the home yourself, you may actually be able to generate enough sale proceeds to pay off your loan in full. If the purchase price is insufficient to pay the loan in full, OnPoint may be willing to accept less than the full balance and develop a repayment plan for the remaining amounts due.
- If you cannot pay your loan and are having difficulty selling your home, you may find it advantageous to enter into an arrangement to voluntarily transfer the home to us.
You may also wish to contact the United States Department of Housing and Urban Development (“HUD”) at 800.569.4287, to find a HUD-Certified Housing Counseling Agency in your area. The Washington State Department of Financial Institutions can also help you locate a housing counseling agency if you call 877.894.4663.
- Financial hardship letter explaining why you are unable to make your payments
- Pay stub and list of current monthly expenses, including debt obligations and living expenses
- Tax return and property tax statement
- Additional documentation may be required depending on your circumstances