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Avoiding Foreclosure

Unable to afford your mortgage payments, but want to avoid foreclosure? There are many options that may be available to you

• You may be able to refinance your loan, extend your repayment period and/or reduce your interest rate, thereby lowering your monthly payments.
• GRANCO Federal Credit Union may be able to modify your loan in order to make your payments more affordable.
• You may be able to surrender the deed to your house voluntarily in order to avoid the foreclosure process.
• GRANCO Federal Credit Union may be able to provide you with special forbearance, in consideration of your special circumstances.
• You may be able to sell your home and repay your mortgage in its entirety.

To explore any (or all) of these options, contact GRANCO at 509.754-5233

In order for us to evaluate your eligibility for these options we must review your documents. Please compile the following documents and have those available for our conversation:

• Recent pay stubs (or other proof of income, such as SSI payments or retirement income)
• Tax return and all supporting documentation
• Property tax statement
• Hardship letter explaining why you are unable to make your payments
• List of monthly expenses
• You may be required to provide additional documentation of your expenses

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Additional Resources

Statewide foreclosure hotline recommended by the Housing Finance Commission:
Toll-free: (877) 894-HOME (877-894-4663)
WA State Dept of Financial Institutions foreclosure information

The U.S. Department of Housing and Urban Development:
Toll-free: (877) 741-3281
Local counseling agencies in Washington

Statewide civil legal aid hotline for assistance and referrals to other housing counselors and attorneys:
Toll-free: (888) 201-1014
Northwest Justice Project legal resources

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GRANCO Federal Credit Union is willing to work with its members and explore every possible option. Please feel free to contact us at 509.754-5233 if you feel you are going to be unable to make your payments.