| Solution |
Features |
Description |
| Repayment Plan |
Brings your account current with realistic monthly payments. |
Distributes your delinquent payments over a period of time. The arrearage payment is added to the usual mortgage payment. |
Loan Extension
(For home equity lines of credit only). |
Allows you to skip up to two payments |
Allows you to defer interest-only payments that are due and add them to the balance of the loan. |
| Forbearance |
Provides short term financial relief |
Allows for payment reduction or suspension if you are experiencing a temporary financial hardship and pay back the arrearage over the original remaining term of the loan. |
| Loan Modification (first mortgages only) |
Reduce monthly payments for a fixed period of time |
Allows for payment reduction if you are experiencing qualified extended financial hardship through rate reduction, term extension, and/or interest-only payments. |
| Deed in Lieu of Foreclosure |
Avoids the lengthy process involved in foreclosure |
If you are unable to maintain payments and cannot sell the home for the amount that is owed on the loan Tech CU would accept ownership of the property in place of the money owed on the mortgage. |
| Short Sale |
Generally has a less negative impact on your credit rating than foreclosure |
If you are experiencing a long term financial hardship Tech CU would accept the sale of your home even if the sales proceeds are not enough to satisfy the amount owed on the loan. |