Avoiding Foreclosure

Avoiding foreclosure

Let's work together to keep you in your home.

These days, your financial situation can change in an instant. If you lose your job, have a medical emergency or get blindsided by a family crisis, you might be unable to meet your mortgage obligations. The good news is that Blackhawk Community Credit Union offers programs that might help you avoid foreclosure. Please contact us before you fall too far behind in your payments so we can begin working toward a solution.

The Consequences Of Foreclosure

It is important to understand what could happen if Blackhawk proceeds with foreclosure on your home:
  • The money you have invested in your home will be lost
  • There will be negative consequences for your credit score
  • It will be more difficult for you to obtain a mortgage in the future
  • You could be held liable for any losses the lender incurs

Options We Might Offer

  • Loan Modification: A change to the terms of your loan making it more affordable.
  • Forbearance: Reduced or suspended payments for a set period of time, followed by other agreed-upon options to bring the loan current.
  • Repayment Plan: A schedule of payments to catch up on past-due amounts.

Documents You May Need

  • Most recent tax returns
  • Copies of two most recent pay stubs or most recent quarterly or YTD profit/loss statement if self-employed
  • Most recent W-2
  • Most recent financial statements
  • A written statement explaining your financial hardship
  • A written financial statement detailing your income and expenses
Other financial documentation may be required for full consideration. Please contact us for specific requirements and programs.

Act Now

If you are having difficulty making payments to your Blackhawk mortgage, give us a call at 800.779.5555. We have programs that may assist you during these difficult times.

Additional Resources

  • Free Credit Counseling: Blackhawk members can receive free budget and debt counseling services through the GreenPath financial wellness program. Visit the GreenPath(Opens in a new Window) website or call to speak to a counselor at 1.800.550.1961.
  • HOPE NOW Alliance: Mortgage industry counselors, servicers, and investors have combined forces to provide outreach and assistance to homeowners in distress. Visit HOPE NOW or call 888.995.HOPE (888.995.4673).
  • Military OneSource: This is the U.S. Department of Defense’s information resource. If you are listed as entitled to legal protections under the Servicemembers Civil Relief Act (SCRA), please go to Military One Source or call 800.342.9647 to get more information.
  • Visit Fannie Mae’s Know Your Options.
  • For a comprehensive list of community counseling agencies, visit the Department of Housing and Urban Development website or call 800.569.4287.

Have a question?

No question is too big or small. If you need any help, we’d be happy to help!

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