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  • Alternative Home Loan Payment Options

     

     
    Alternative Home Loan Payment Options 
    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.
     
     
    Not all options are available on all home loans or in all circumstances.  Borrowers must apply and be approved for any alternate payment.