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 either to stay in your home or leave without facing foreclosure.
At Verity Credit Union, we are committed to working with members to explore alternatives to foreclosure whenever possible
Mortgage Assistance May Be Available
For assistance with your First mortgage Call Member First Mortgage 866-636-1053 or email early_intervention@memberfirstmortgage.com to discuss the options for your mortgage.
Home Equity Line of Credit (HELOC) Loan or 2nd Mortgage Loan
Call 206-361-5326 or email membersolutions@veritycu.com to discuss your home equity loan or 2nd mortgage options with a Member Assistance Specialist. 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.
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 206-361-5326 or email membersolutions@veritycu.com to discuss these options:
Short Sale: If your property's value is less than the outstanding principal balance of your loan, Verity Credit Union may agree to accept less money than you owe. Verity may develop a repayment plan for the remaining amount due on the loan.
Deed-in-Lieu: This option transfers ownership of your property to Verity Credit Union 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 Verity Credit Union may be available.
Please note: There may be tax consequences. Contact your tax advisor for more details.
What Information Will I Need to Provide?
When discussing foreclosure alternatives, you may be asked to provide:
- Most recent 30 days of pay stubs
- Two most recent federal tax returns
- Two to three months of recent bank statements
- Documentation of additional income (self-employment, rental income, benefits, etc.)
- Monthly household expense information
- A written explanation of your hardship
Additional documents may be required depending on your loan type and situation.
Free Housing Counseling Is Available
You may also contact a housing counseling agency approved by the Washington State Department of Commerce for free assistance.
Washington Homeownership Hotline: 1-877-894-HOME (4663)
A counselor can help you understand your rights and evaluate foreclosure prevention options at no cost.
GreenPath Credit and Debt Counseling
Verity partners with GreenPath Financial Wellness to provide free and confidential financial counseling services to our members.
GreenPath counselors can help you:
- Review your household budget
- Develop a plan to address mortgage challenges
- Understand available assistance options
- Improve overall financial stability
Visit Verity's GreenPath Financial Wellness portal or call 1-877-337-3399
There is no cost to speak with a counselor.