Alternatives to Foreclosure
Life is unpredictable, and circumstances can arise that make it difficult for you to keep up with your mortgage payments. The good news is there are a variety of programs that may be available to help you with your delinquency, avoid foreclosure, and keep your home. You may be eligible to refinance or modify your Navy Federal mortgage loan so your terms and monthly payments are more manageable. Or, if you have missed a few payments on your Navy Federal mortgage, you may qualify for a temporary or permanent solution to help you get your finances back on track. Our Mortgage Default Management Team specializes in member counseling and can help put you back in control. Our programs are listed below and our team is ready to help.
- Contact our mortgage specialists at 1-888-503-7102, Option 4, between 8:00 am and 4:30 pm, Eastern Time.
- Contact the Homeowner's HOPETM Hotline. This hotline provides free, comprehensive foreclosure assistance and housing counseling services around-the-clock. Call 1-888-995-HOPE (Hearing impaired: 1-877-304-9709 TTY) to ask about receiving help with your mortgage and to see if you qualify for the Making Home Affordable® Program.
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.
- Repayment Plan
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.
- Loan Modification
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.
- Home Affordable Modification Program
The Making Home Affordable Program is part of President Obama's comprehensive strategy to get the housing market back on track. Through this program read more
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.
- Short Sale
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.
- Home Affordable Foreclosure Alternative (HAFA)
This is a program run by the U.S. Department of the Treasury and only certain individuals qualify for this type of Liquidation Option. It includes a short sale option and a Deed-in-Lieu of Foreclosure option.
- Home Affordable Foreclosure Alternative (HAFA) Matrix
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. This may take up to 30 days from when we receive your information, so continue making your mortgage payments as scheduled.
Beware of Foreclosure Scams
Scam artists are stealing millions of dollars from distressed homeowners by promising immediate relief from foreclosure or demanding cash for counseling services. The truth is that HUD-approved counseling agencies provide counseling services free of charge. read more
Contact us with any questions about the mortgage escalation process.