Avoiding Foreclosure

If you are finding it more and more difficult to make payments and stay current on your existing Sacramento Credit Union Home Loan, Equity loan or Home Equity line of credit, there are options available to you. Let us help you avoid foreclosure.

Step 1: Gather Your Information

Gather documents and information that will help us determine the options available to you. Documents needed include:

  • Most recent paystub. Self employed? Provide us with your most recent tax return and income statement
  • Recent mortgage statements on any other mortgage you may have on the affected property
  • Written explanation of your current hardship
  • A list of all your monthly obligations, including loans, credit cards, utilities, etc.

Step 2:

First and Second Mortgage Loans owned by Sacramento Credit Union

Contact Us

Call 916-444-6070 to schedule an appointment with our staff.

First Mortgage Loans owned by Fannie Mae

If you are having trouble making your mortgage payments, please contact Midwest Loan Services Inc. immediately at 1-800-262-6574. Midwest Loan Services wants to help you to avoid foreclosure and have a number of options available including:

  • Repayment Plan – Midwest Loan Services can arrange a plan to allow you to catch up on your payments over a period of time.
  • Forebearance Plan – In some cases, they may be able to suspend or reduce your payments until a temporary financial crisis has been overcome.
  • Modification – Midwest Loan Services may be able to change the terms of your mortgage to make it affordable.
  • Unsecured Loan – In some cases, an unsecured loan can be granted for up to 15 years.

Other options may be available. Please call 1-800-262-6574.

In assessing your situation, we will need to understand your financial situation and will require you to fill out a Financial Statement with supporting documentation. To request a Financial Statement, please call us at 1-800-262-6574 and one will be mailed to you.

You'll be required to contact a debt counselor and submit a summary of your counseling session. A listing of HUD approved counseling agencies for your area can be obtained by calling 1-800-569-4287 or by visiting http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm. You may also contact the HOPE hotline by calling 1-888-995-HOPE (888-995-4673) or online at http://www.995hope.org/.

Midwest Loan Services, Inc.

P.O. Box 144

Houghton, MI 49931

Phone 800-262-6574

Fax: 906-487-5869


Step 3: Review Your Options

Sacramento Credit Union owned Loans

During your appointment, we will review your information and present options that will help you avoid foreclosure. Options available depend on your current financial situation and may include:

  • Making payment arrangements.
  • Refinancing the loan.
  • Modifying the terms of the existing loan.
  • Consolidating debt to lower payments
  • Contacting a HUD certified counseling service, ClearPoint Credit Counseling Solutions, or other counseling agencies or an attorney.
  • Arranging for sale of property, which could include a Short Sale, or selling the home for less than the loan amount.

If you would like to speak to a HUD certified counseling service, call (800) 569-4287, or visit the HUD website for more information.

For additional information provided by Fannie Mae, please visithttp://www.knowyouroptions.com .