You're not alone. If you're having trouble making payments on your home, our mortgage relief programs may be the life raft you need.
We understand financial hardships come and go, making it difficult to make your mortgage payment on time. It's important to consider all available options before risking possible foreclosure. We offer a variety of mortgage relief programs to help you stay in your home and make payments more affordable.
| Overview | Benefit | |
|---|---|---|
| Reinstatement | Pay the total delinquent amount you owe, in a lump sum payment and by a specific date or pay less than the total amount owed followed by a forbearance plan as described below. | Allows you to avoid foreclosure by bringing your mortgage current if you can show you have funds that will become available at a specific date in the future. |
| Repayment Plan | Pay back your past-due payments together with your regular payments over an extended period of time. | Allows you time to catch up on late payments without having to come up with a lump sum. |
| Deferment | After making full loan payments each month over several consecutive months, the loan is brought current. | Allows you the opportunity to get back on track after a short interruption in making the monthly payment. |
| Interest Only Payments | Make reduced payments by paying the interest only due on past due payments as part of a plan to bring the loan current over an extended period. | Allows you the time to catch up on the interest due on the loan and re-establish a record of making payments at a reduced rate. Once the interest is caught up, regular payments will resume. |
| Forbearance Plan | Make reduced mortgage payments or no mortgage payments for a specific period of time. | Gives you time to improve your financial situation and possibly qualify for a better option than would be available right now. |
| Modification | Receive modified mortgage terms to make it more affordable or manageable after successfully making payments during a “trial period” (e.g., completing a three month trial period plan) that requires payment of the approximate amount of the modified payment. | Permanently modifies your mortgage so that your payments or terms are more manageable as a permanent solution to a long-term or permanent hardship. |
| Overview | Benefit | |
|---|---|---|
| Short Sale | Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth. | 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 | Transfer the ownership of your property to us. | Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available. |
If you're struggling or feel in danger of missing your mortgage payments, take action now and gain control of your housing situation. Contact us at: 513.243.4328 or 800.542.7093.
In order to take part in one of the above mortgage relief programs, please complete, sign, and return the entire Mortgage Assistance Application, along with all other applicable documents required to complete the application process (see below). We'll conduct a thorough review of your current financial situation and the hardship you're experiencing so we can determine what options might be available to you. Please note:
Scammers have stolen millions of dollars from distressed homeowners by promising immediate relief from foreclosure, or demanding cash for counseling services when HUD approved counseling agencies provide the same services for free. If you receive an offer, information, or advice that sounds too good to be true, it probably is. Don't let them take advantage of you, your situation, your house, or your money. Remember, help is free.
For additional information about preventing foreclosure, avoiding fraud scams, and accessing approved counseling at no cost to you.
There should never be a fee from your lender or qualified counselor to obtain assistance or information about foreclosure prevention options. However, foreclosure prevention has become a target for scam artists. Be wary of companies or individuals offering to help you for a fee, and never send a mortgage payment to any company other than the one listed on your monthly mortgage statement or one designated to receive your payments under a state assistance program.
Forfeiture of your home through a legal process where your mortgage company repossesses the property and you have to move. This process may involve an eviction, you may remain liable for your first lien mortgage debt, and it may be as long as seven years before you are eligible for another mortgage loan.
If you do not respond to your lender’s notices to you regarding past due payments, your lender may refer your loan to foreclosure in accordance with your mortgage loan documents and applicable law.
Yes, the sooner the better!
If your lender receives a complete Mortgage Assistance Application and the supporting documents it requires with only 37 or fewer calendar days before a scheduled foreclosure sale, there is no guarantee it can evaluate you for a foreclosure alternative in time to stop the foreclosure sale. Even if the lender is able to approve you for a foreclosure alternative prior to a sale, a court with jurisdiction over the foreclosure proceeding (if any) or public official charged with carrying out the sale may not halt the scheduled sale.
No. The property will not be sold at a foreclosure sale if you accept an offer for an alternative to foreclosure and comply with all requirements.
General Electric Credit Union is a full-service financial institution headquartered in Cincinnati with branches in Ohio and Kentucky.
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