If you are unable to afford your mortgage or home equity payments, and want to avoid foreclosure, Horizon Credit Union can assist you with finding workable solutions. There are many options that may be available to you depending on the type of loan you have with Horizon Credit Union.
- You may be able to refinance your loan, extending the repayment period, and/or reducing the interest, thereby lowering the payments;
- Horizon Credit Union may be able to modify your loan and make your payments more affordable;
- Horizon Credit Union may be able to provide you with special forbearance;
- You may be able to sell your home and repay your mortgage/home equity loan in its entirety. If your home’s value is less than your outstanding loan balance, Horizon may be willing to accept less money than you owe and develop a repayment plan for the remaining amounts due.
HORIZON CREDIT UNION IS WILLING TO EXPLORE EVERY POSSIBLE OPTION BUT PLEASE DON'T WAIT. CONTACT OUR DEDICATED TEAM AS SOON AS YOU REALIZE THAT YOU ARE UNABLE TO MAKE YOUR PAYMENTS. Call toll-free 800-852-5316.
In order for us to evaluate your eligibility for these options, please have the following documents available:
- Recent paystubs or other proof of income (such as social security or retirement income)
- Recent statements from all credit union, bank or brokerage accounts
- Most recent IRS tax return and all supporting documentation
- Property tax statement
- List of monthly obligations
- Hardship letter explaining why you are unable to make your payments
- A completed Personal Budget Worksheet
- You may be required to provide additional documentation depending on your situation
Housing counselors and legal assistance may be available at little or no cost to you. If you would like assistance in determining your rights and opportunities to keep your house, you may contact the following:
U.S. Department of Housing and Urban Development (HUD)
Toll free: 800-569-4287
Locate a housing counselor for your locality on their website: http://www.hud.gov/offices/hsg/sfh/hcc/fc/index.cfm; or Download their smartphone app at: https://itunes.apple.com/us/app/hud-counselor-locator/id659590295?ls=1&mt=8
If your home is in Washington:
Washington Foreclosure Fairness Program
Toll free Homeownership Information Hotline: 877-894-4663
On the internet: http://www.commerce.wa.gov/Programs/housing/Foreclosure/Pages/default.aspx