- Facing Financial Hardship? We can help
- PHASES - Preserving Homeownership and Savings Education Strategy
- Potential Scams
Facing Financial Hardship? We can help.
Life can sometimes take unexpected turns and make it difficult to pay monthly bills. If you've had a reduction or loss of income, a change in household financial circumstances, a recent or upcoming increase in your monthly housing expense, an increase in other expenses, over-extension with creditors/excessive monthly debts, been through a divorce, or suffered illness, and find you are having a hard time making your Visterra loan payments; we encourage you to call us for help.
You and we have options!
If you are facing financial hardship, Visterra may be able to provide temporary or extended assistance to allow you to protect your assets and your good credit. Our options include:
- Allowing you to skip one or two payments and extending your loan term by the number of payments skipped
- Temporarily reducing your payments and extending your loan term by the amount skipped or making up the difference in the future when times are better
- Extended reduction in your payment amount by extending the term of your loan, looking at reducing your interest rate, and possibly temporarily suspending some of the balance from payment and interest
- Refinancing the debt and adding an additional borrower
Standard Programs offered include:
- Skip-a-pay
- Loan Extension
- Contract Refinance/Workout
- Interim Loan Modification
- Loan Modification
- Short Sale
- Deed-in-Lieu of Foreclosure
The initial document Visterra will need from our member can be found here:
Workable Solutions - Borrower's Personal Financial Statement
It is the goal of Visterra Credit Union to determine each borrower's individual situation and discuss the best alternative or option for the member and the credit union.
As a member of Visterra, you also have access to professional, confident money management information and counseling. Call Money Management International, the largest nonprofit, full-service credit counseling agency in the United States, at 866.889.9347 to speak with a personal financial expert, or log on to www.moneymanagement.org.
Visterra Credit Union homeowners may also require assistance through the U.S. Department of Housing and Urban Development (HUD) to find a HUD-certified housing agency. Call 800-569-4287 or visit the HUD website at www.hud.gov for additional information.
Additional Educational Resources:
- Foreclosure Rescue Scams: Another Potential Stress for Homeowners in Distress by the Federal Trade Commission.
- 5 Tips for Avoiding Foreclosure Scams by the Federal Reserve Board
- Saving you home from foreclosure by Consumer Action
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Preserving Homeownership and Savings Education Strategy (PHASES) program provides immediate financial relief to consumers who are recovering from a temporary financial setback. Qualified homeowners are given the opportunity to apply for a grant up to $7,500 to bring past due payments current. For more information on PHASES, click here or call our Loan Department at 951.656.4411.
There are many individuals and companies out there ready to prey on your financial duress and fear of losing your home. Don't pay large upfront fees for counseling or modification assistance. Know what you are signing. Don't be pressured into signing anything that you have not completely read or understand. Get more than one opinion. If it sounds too good to be true, then it probably is.
Don't be fooled by so called "Loan Modification Experts"- these companies are popping up everywhere. Many want upfront fees that can run into the thousands of dollars. This is money you cannot afford to lose. When you think about it, these companies have to contact us and ultimately we are the one that make the decision. Work with us directly. It will save you a lot of headaches and most certainly money you probably don't have to spend lot of money.
Red Flags
- Avoid any business or individual that:
- Instructs you not to contact your lender, lawyer, and credit or housing counselor
- Accept payment to help you only by cash, cashier's check or wire transfer
- Collects a fee before even providing you with any service
- No matter what your circumstances they guarantee to solve your problems and stop the foreclosure
- Tells you to make your mortgage payments to them instead of directly to the lender
- Offers a plan for you to lease your property from them and then buy it back over time
- Tells you in order to help you, you must sign a grant deed transferring title of your property to them
- Offers to fill out all of the paperwork for you
- Offers to buy your house for a fee
Non-Affiliated Third Letter Regarding Visterra Home Loan
Several Visterra Credit Union members have recently reported that they've received letters offering the opportunity to modify the terms of their home loan. These letters begin with the words IMPORTANT MESSAGE ABOUT YOUR LOAN and offer, the opportunity to discuss "your current loan situation" and may even suggest that you are delinquent on your loan. The letter states that anyone who calls the provided number to "be prepared to provide financial information (e.g. income/expenses)."
If you receive one of these letters, please rest assured that Visterra Credit Union Credit Union did not send these letters. These letters were sent by a third-party company without our knowledge and are not approved or sanctioned by Visterra Credit Union. On the bottom of the letter in fine print it may read "not affiliated with Visterra Credit Union". We will not provide your personal information to any non-affiliated third party for marketing-see our Privacy Policy.
As always, if you have any doubts about any communication you receive in the name of Visterra Credit Union, whether it is a phone call, a letter, an email, or a text message; don't hesitate to call us directly at 888.696.2724 or at 951.656.4411.