Need help with your mortgage payment?

At FAIRWINDS we understand that today's economy is causing unprecedented challenges for our members. We are here to help if you are experiencing a financial hardship and are having difficulty making your mortgage or home equity loan payment or if you are anticipating a financial hardship, our trained member solutions specialists have options that may be right for you.

What is a financial hardship?

A financial hardship is the inability to meet basic living expenses for goods and services necessary for the survival of the debtor and his or her spouse and dependents. If you are facing financial hardship or anticipating a financial hardship you are not alone. The following reasons account for 70% of all foreclosures nationwide:

  • Job loss / significant reduction in income
  • Disability
  • Divorce
  • Death of wage earner

Contact Us

Once you have your information together or if you have questions about your specific situation please contact us. You have two easy ways to reach one of our caring crewmembers:

By working together we may be able to provide you with options to avoid foreclosure. If you are struggling to make your loan payment, here are some foreclosure alternatives that may be available to you:

  • Other Sources of Payment: Your checking and savings accounts are not your only sources of payment. You can take a hardship withdrawal from your 401K, you can sell stocks or bonds you may own, or you can take the cash value of any life insurance policy. Before you use any of these other alternatives, make sure you understand the tax implications and penalties that may result.

  • Forbearance: We may be able to provide you a short-term postponement of your payments if you are facing a temporary hardship case.

  • Modification: Depending on the severity of your hardship, we may be able to modify your loan terms to help get you back on track by giving you an affordable monthly payment.

  • Refinance: We may be able to extend additional credit to help consolidate your mortgage and other credit union obligations.

  • Short Sale: Depending on your situation, if you owe more than your home is worth you may be able to sell your home for less than the loan balance through a 'short sale.'

  • Deed-in-Lieu: After we've considered 'all' other options and if your home is free of other loans, liens, or judgments you may be able to qualify for a deed-in-lieu. A deed-in-lieu is where you voluntarily transfer ownership back to the credit union.

    If you would like to explore your options it is important that our Solutions Specialists have all the necessary documentation to review your whole financial picture so that the best possible solution can be determined. You will need the following documentation:

    • Member Assistance Form
    • Signed and dated hardship letter
    • 30 days worth of current paystubs
      • If self employed, two years of tax returns and a year-to-date profit and loss statement
      • Documented evidence of any additional income (i.e., spousal support, child support, social security, other)
    • Last statements from all other mortgages
    • Complete asset statements for the last two months
    • Rental agreements

    Please be prepared to discuss your household income and expenses with your Solutions Specialist.