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When times are tough, Spectrum Credit Union is here to help.
While homeownership provides a wonderful sense of security, there are times when that sense of security is tested. Many homeowners find themselves affected by circumstances beyond their control
(e.g., loss of employment, mortgage interest rate adjustments, stock market losses, etc.), which can lead to difficulty affording a monthly mortgage payment.
This is a challenging and complex situation to be in, but Spectrum Credit Union is here to help. We’ll conduct a thorough review of your individual circumstances and make recommendations for foreclosure alternatives.
1. Gather your documentation
Before contacting Spectrum Credit Union to discuss your options for avoiding foreclosure, please gather and be prepared to provide us with copies of the following documents:
2. Call Spectrum Credit Union
With copies of the documentation above in hand, give us a call at 800-782-8782. For those outside the U.S., call 510-251-6000.
If you are unable to afford your monthly loan payments and are facing foreclosure, the following options may be available to you:
Spectrum Credit Union will work with you to discuss your financial situation and explore options that may be available to you in order to avoid foreclosure. If you wish to designate a HUD-certified housing counseling agency, attorney, or other advisor to discuss these options for the borrower to avoid foreclosure, please fill out and submit "Borrower Designation of Representation" to Spectrum Credit Union. Please note that the Credit Union reserves the right to allow or disallow any of the foregoing options.
If you are facing foreclosure, the U. S. Department of Housing and Urban Development (HUD) can help you obtain housing counseling. Click here to find a HUD-certified housing counseling agency near you
or call 800-569-4287 or TTY 800-877-8339.
Additionally, HUD’s "Guide to Avoiding Foreclosure" contains valuable information about what you should do if you are facing foreclosure as well as any precautions you should take.
If you’re eligible for membership, we’re ready to hear from you. Not sure if you’re eligible? You can check if you qualify here.
Why join Spectrum Credit Union? Learn more.