I'm having a hard time making my mortgage payments. How can I prevent foreclosure?

Provident Credit Union has established Foreclosure Prevention Programs to help members with alternatives to home foreclosure. Provident has designed these programs to help members that are temporarily struggling through financial hardship. Provident's goal is to help all members that have a sincere interest in keeping their owner-occupied home.

Foreclosure alternative options available at Provident Credit Union:

  1. Loan Modification

    If you have incurred a long term financial hardship we may consider modifying the rate and term of your mortgage loan. Our decision is based on your capacity to repay, and the circumstances that contributed to your hardship.

  2. Short Sale

    (Short Sale) (Compromise Of Sale) (Pre-Foreclosure Sale)

    If you have suffered a long term financial hardship and are unable to maintain your loan or if you need to sell the property to avoid a default loss on the property, it may be possible for Provident to assist you with a short payoff. A qualified purchase offer is required.

  3. Unemployment Forbearance (Fannie Mae/Freddie Mac-owned loans)

    If you have lost your job, you may qualify to have your payments temporarily reduced for up to 12 months.

  4. HARP Refinance (Fannie Mae/Freddie Mac-owned loans)

    If your property value is currently under water, you may qualify to refinance at today's lower rates. Limited documentation requirements may apply.

  5. Deed-In-Lieu of Foreclosure (Fannie Mae/Freddie Mac-owned loans)

    If you wish to surrender ownership of your home instead of losing it through the foreclosure process, you may apply for a deed-in-lieu of foreclosure.

If you are interested in any of the above programs because of a material change in your employment status or ability to repay your original mortgage, please contact our Loan Servicing Department at (800) 632-4600, option 1-2706 to discuss your situation. We may require a borrower assistance package in order to accurately assess your eligibility for any of our Loss Mitigation Programs.

A sampling of the documentation required to submit a borrower assistance package will include but may not be limited to:

  1. Hardship Letter with supporting documentation of hardship
  2. Financial Statement
  3. Income documentation

If you wish to discuss your situation with a Provident representative in person, meetings are by appointment at our corporate office located at 303 Twin Dolphin Dr., Redwood City, CA 94065.

You may also wish to contact a US Department of Housing and Urban Development (HUD)-approved housing counselor for additional assistance:

You can find a list of HUD-approved housing counselors on the HUD website www.hud.gov. In addition, you can call (888) 995-HOPE (4673) to speak to an expert advisor immediately, 24 hours a day, 7 days a week, 365 days a year, in over 170 languages. They answer 98% of their calls within 30 seconds. This valuable, around-the-clock service is available completely free.