Avoiding Foreclosure

Keeping Your Home

If you are experiencing financial hardship and cannot make your mortgage or home equity line of credit (HELOC) payments, we can help. You may qualify for assistance to either stay in your home or leave without facing foreclosure.

Do not ignore the problem. The further you fall behind on your payments, the harder it will be to catch up on the loan, increasing the likelihood that you could lose your house.

Mortgage Assistance May Be Available

Call 877-747-2328 to discuss the options for your mortgage. Potential solutions include:

Repayment Plan: This allows you to pay the past-due balance over an extended period, instead of requiring a lump-sum payment. This option may be available if you have sufficient income to cover both the delinquent payments and your regular monthly payments.

Mortgage Forbearance: This is a temporary suspension of your monthly mortgage payment. All suspended payments, along with the current month's payment, are due in full at the end of the forbearance term. However, there may be additional assistance options available at that time.

Loan Modification: This permanently modifies the terms of your loan to make it more affordable. It can lower your monthly payments and help you catch up on missed payments.

Home Equity Line of Credit (HELOC) Loan

Call 877-256-6460 or email memberassistanceteam@becu.org to discuss your home equity loan options with a Member Assistance Specialist.

Avoiding Foreclosure

We may be able to help you avoid foreclosure if you are not eligible for mortgage assistance or have already vacated your property. Call 877-256-6460 or email memberassistanceteam@becu.org to discuss these options:

Short Sale: If your property's value is less than the outstanding principal balance of your loan, BECU may agree to accept less money than you owe. BECU may develop a repayment plan for the remaining amount due on the loan.

Deed-in-Lieu: This option transfers ownership of your property to BECU in exchange for partial or total mortgage forgiveness. It can help you avoid foreclosure if you are unable to sell your home. Relocation funds from BECU may be available.

Please note: There may be tax consequences. Contact your tax advisor for more details.

Additional Resources

HUD-Approved Housing Counselors:: The U.S. Department of Housing and Urban Development (HUD) offers free or very low-cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances, and represent you in negotiations with your lender, if necessary. Find a HUD-approved housing counselor near you or call 800-569-4287 or TTY 800-877-8339.

GreenPath Credit and Debt Counseling: BECU partners with GreenPath to offer free, confidential, and personalized financial counseling and debt management services to members. GreenPath is a national nonprofit organization dedicated to helping people lead financially healthy lives and is HUD-approved to assist with homebuyer preparedness, reverse mortgage counseling, and foreclosure prevention.

The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized financial, tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation when making financial, legal, tax, investment, or any other business and professional decisions that affect you and/or your business.