Payment Assistance Options
Payment Assistance Options
Loan Payment Modification (For Loans Other Than 1st Mortgages)
We offer two options that allow you to temporarily reduce or skip your payments. Our hope is during this time of reduced or no payments; you’re able to catch up on your finances so you can make on-time payments going forward. To qualify for the below options, your loan must have been open for at least one year. Before you get started, please make sure you have everything listed on this checklist.
- Alternate Payments: Reduce your loan payments to half the amount for up to 90 days. Example: If you have a payment of $300.00 due on the 1st of every month, your payment will become $150.00 on the 1st of every month for the next 90 days.
- Skip Two Payments: Over the life of the loan, you’re able to skip two loan payments. However, with this option, you are still responsible for paying 25% of the payment at the normal time your payment is due.
1st Mortgage Assistance
- Loan Modification: An Associated Credit Union representative will work with you on ways you can reduce your payment through changes to your rate or term. Our hope is during this time of reduced payments you’re able to catch up on your finances so you can make on-time payments going forward. Before you get started, please make sure you have everything listed on this checklist.
- Home Safe Georgia: This is a state-funded assistance program that you have to qualify for based on the State of Georgia’s guidelines. Qualifying applicants receive up to 18 months of mortgage payment assistance (once you’ve been approved) for 1st and 2nd Mortgage loans. Learn more at www.homesafegeorgia.com.
- Neighborhood Assistance Corporation of America (NACA): NACA provides assistance when life situations cause your mortgage to be unaffordable. To apply, you have to complete a web submission through the NACA website.
- HARP: This is a federal program of the United States set up by the Federal Housing Finance Agency in March 2009 to help underwater, and near-underwater homeowners refinance their mortgages. If you are current on your mortgage, with or without equity, then you are eligible for this program. Learn more on the HARP website.
- Deed In Lieu: If you can't afford your current mortgage, and staying in your home isn't an option, you may be able to avoid foreclosure without having to sell your home. A deed-in-lieu of foreclosure allows you to release your home to Associated Credit Union voluntarily. Before you get started, please make sure you have everything listed on this checklist.
- Short Sale: If you can’t afford your current mortgage, and staying in your home isn’t an option, a short-sale might help you avoid foreclosure. It allows you to sell your home for less than you owe on the mortgage and may release you from having to repay the remaining mortgage balance. Before you get started, please make sure you have everything listed on this checklist.
TDR (Trouble Debt Restructuring)
TDR may be required for members who have utilized the above options. Please send an email to our Certified Credit Union Financial Counselor, at firstname.lastname@example.org, to learn more about your best next steps. To get the most out of your appointment, make sure you have completed these forms.