Home Retention Options
The right option for you depends on your individual situation. Once you review your options, you'll want to submit our Borrower Response Package to find out if you're eligible.
A repayment plan allows you to make up missed payment(s) by adding a portion of the past due amount to your regular monthly payment amount over an extended period of time.
A loan modification makes your home more affordable by modifying the terms of your mortgage loan after you have successfully completed a trial period of reduced payments. This makes your payments or terms more manageable and provides a permanent solution to a long-term or permanent hardship.
Weighing Your Options
Depending on your circumstances, staying in your home may not be possible; however, a short sale or Deed-in-Lieu of Foreclosure may be a better choice than foreclosure.
A short sale is an option if you are unable to sell your home at a price which would allow you to pay off your mortgage/equity loan(s) in full. It requires you to list your property with a real estate agent, obtain a contract, and apply for assistance. This allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available.
Deed-in-Lieu of Foreclosure
If you are unable to sell your home, a Deed-in-Lieu of Foreclosure allows you to transfer ownership of the property back to Navy Federal Credit Union, upon approval.
See if You're Eligible
Please review and complete the Borrower Response Package. If you qualify, we will begin working on a resolution for any issues that affect your ability to make timely mortgage payments, whether your challenges are temporary or long-term. After you submit the requested information, a mortgage specialist will contact you. You should continue making your mortgage payments as scheduled, even after a request has been submitted.