Overcoming Payment Challenges
Having difficulty making your Island mortgage or home equity loan payment? We want to help. Our trained associates have solutions that may be right for you.
Everyone goes through challenging times. By working together, you may have options to avoid foreclosure. The credit union has implemented a modification program for loans on our members' primary residences in an effort to keep qualified members in their homes.
In order to apply for a modification, we will need to obtain certain information from you regarding your household income and expenses including a letter detailing the nature of your financial hardship and a loan application.
You should also collect and be prepared to fax or mail the following items to the credit union:
- Last statement from all other Mortgagees, i.e., 1st Trust Deed, 2nd Trust Deed, etc., excluding North Island Credit Union.
- Year to Date Income verification: Two (2) most recent paycheck stubs or income tax returns (two years if self-employed) including all schedules and K-1s.
- Copies of last two (2) months' bank and brokerage statements.
- Current evidence of acceptable insurance coverage.
- Amount of any delinquent State or Federal Income Tax.
- Amount of any delinquent Homeowners Association Fees.
Alternative Payment Options
Here are some of the possible solutions we offer:
- Loan Modification: Modify your payment with changes to term, interest rate, or possible deferral of a portion of your principal balance.
- If your application meets the criteria of the program, and if it makes more sense for the credit union to grant a modification (based on an "economic value" formula calculation) than to foreclose, we will grant the modification.
- Refinance: Extension of credit to payoff other existing credit obligations.
- Short Sale: Allows you to sell your home to pay off the mortgage if you are unable to maintain payments, even if the home's market value is less than the total amount owed.
Call Us Today
Toll free: (800) 586-6968
Hours (all times Pacific): Mon - Fri 8 am - 5 pm
The Island can be your starting point of credit counseling. The Department of Housing and Urban Development (or HUD) is a U.S. government agency that increases home ownership and supports home buyers. HUD offers free or low-cost counseling throughout the country. To find the nearest HUD-certified housing counseling agency in your area, call (800) 569-4287, TTY (800) 877-8339, or visit www.hud.gov.
If you are concerned about the accuracy of credit report information pertaining to an account with us, you may file a dispute directly with us.