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Buying a new home or looking to refinance? A PostCity Financial Home Loan delivers:
- LOW rates
- Flexible terms
- Fixed rate and portfolio loans
- Choose from conventional and FHA loans
- Competitive, low fixed- and adjustable-rates
- NO application fee
- Low or NO point loans
- A personal loan officer to help you determine the loan that's right for you and guide you through the process
*The rate may vary depending on each individual's credit history and underwriting factors. Loans are subject to credit approval. California properties only; owner-occupied, single family, or dwellings of one-four units are eligible. Maximum loan-to-value is 80%. No prepayment penalties apply. Must qualify for PostCity Financial Credit Union membership. Verification of income, assets, appraised value, hazard and, if applicable, flood insurance will be required. All PostCity Financial loan programs, rates, terms and conditions are subject to change at any time without notice. Rates are subject to change daily. Above terms apply to PostCity Financial portfolio loans only.
*PostCity Financial Credit Union has partnered with VARRIS Mortgage Solutions to provide expert consulting and processing services. This business relationship brings greater support and expanded services to the credit union's first mortgage program. VARRIS Mortgage Solutions (VARRIS, Inc.) is the exclusive agent for, and receives compensation from PostCity Financial Credit Union (credit union) for loans originated by VARRIS, Inc. and funded by the credit union. VARRIS, Inc. may offer to broker loans that have been underwritten by the credit union if loan does not meet credit union criteria. Members are encouraged to shop and compare lenders. Licensed by the California Bureau of Real Estate. CalBRE License #01243502 NMLS #392704 CalBRE Toll-free #877-373-4542.
Interactive Options to Avoid Foreclosure
Explore Know Your Options - http://www.knowyouroptions.com/options-finder - an interactive video simulation from Fannie Mae to help you learn about your options to avoid foreclosure. Play the part of homeowner struggling to avoid foreclosure, make decisions, and experience the outcomes - good and bad - to learn lessons along the way.
As your credit union, we are aware that current economic conditions have created a challenging situation for many individuals and families to meet their financial obligations. If you are facing difficulties making your mortgage payments, our recommendation is to take immediate action and call your lender or a certified housing counselor (see contact details below).
The quicker you take action, the more options you will have to avoid the start of a foreclosure on your property. Simply, the longer you wait, the more difficult and expensive the process is to stop. A formal foreclosure will damage your credit rating, and your ability to borrow money in the future will be negatively impacted.
Whether your loan is with PostCity Financial or another institution, most lenders would rather work with you to keep your house than go through the costly foreclosure process. Please remember, however, your lender is under no obligation to offer or accept a workout. When you are delinquent on the loan, the default is your responsibility and the lender has the decision whether to offer potential remedies.
Options that may be available to you based on your lender’s evaluation and your individual situation include:
• Repayment Plan: The lender may accept an agreement to help you get current with missed mortgage payments by creating a schedule for repaying the past-due amounts.
• Loan Modification: The lender may present an option to temporarily change the terms of the mortgage to make payments more affordable. Example actions include an extension to the number of years on the loan, or changing the rate to lower your payment during your hardship.
• Forbearance: The lender may allow reduced or suspended payments for a short period of time, after which another option will be agreed upon to bring the loan current. A forbearance option is often combined with a repayment plan or modification to bring the account current at a specific time.
• Short Sale: If affording a home is no longer an option, then a short sale can be an option. A short sale would allow you to sell your home even if the mortgage balance exceeds the value of the home.
Contact us and we will guide you through the process and help you determine which option is best for you.
Financial documents you will need available during a discussion with your lender include:
• Most recent pay stubs
• Most recent W-2 tax statement
• Most recent credit union or bank statement
• A written statement explaining your financial hardship
• A written financial statement detailing your income and expenses
Making Home Affordable https://www.makinghomeaffordable.gov
The most important step is to get help as early as possible. Remember, doing nothing will cause the greatest setback.
Who to Call
• If your mortgage lender is PostCity Financial Credit Union: 877.337.2728
• If your mortgage lender is another institution: Contact your lender directly
• For counseling from a HUD (Housing and Urban Development) certified housing conselor: 800.569.4287
Above all, we are here to help. If you need additional information or guidance after you have tried contacting your lender or the recommended HUD-certified counselor, contact PostCity Financial Credit Union at 877.337.2728