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Avoiding Foreclosure

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Avoiding Foreclosure

Please contact us if you are struggling to make your mortgage payments and we'll do
everything we can to help you keep your home.

The Consequences of Foreclosure

Wescom understands that current economic conditions have forced challenging situations for many individuals and families trying to meet financial obligations. Whether your loan is with Wescom Credit Union or another lender, it’s critical to contact your lender as soon as complications making mortgage payments are recognized. Understand the potential life-altering consequences of a lender foreclosing on your home:

  • The money you have invested in your home will be lost
  • Negative consequences to your credit score
  • Negative impact on your ability to obtain a mortgage in the future
  • You could be held liable for any losses the lender incurs

Options for Avoiding Foreclosure

Depending on each set of individual circumstances, the options for avoiding foreclosure will vary. If you provide all required information and documentation about your situation, Wescom will determine if you qualify for temporary or long-term relief, including solutions that may allow you to retain control of your home. Such solutions may include:

  • Forbearance
  • Loan Modification
  • Refinance
  • Repayment Plan
  • Settlement

Avoid Foreclosure

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Repayment Plan
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Forbearance Plan


Overview: Receive a new loan with a lower interest rate or other favorable terms.

Benefit: Loan payments or terms become more affordable.


Summary: Combine past-due mortgage payments with regular ongoing mortgage payments over an extended period of time.

Benefit: Catch up on late mortgage payments gradually, without having to come up with a lump sum





Summary: Agree on a reduced debt balance (less than the balance due) that the debtor and creditor settle on.

Benefit: The reduced debt balance will be regarded as payment in full (accepted settlement) to release the lien


Loan Modification

Summary: Receive modified terms of your mortgage to make it more affordable or manageable. After successfully making the reduced payment during a three-month trial period plan.

Benefit: Permanently modify your mortgage so that payments or terms are more manageable.


Forbearance Plan

Summary: Make reduced mortgage payments or no mortgage payments for a specific period of time.

Benefit: Improve your financial situation and get back on your feet over time.

Learn More and Act Now

For more information, please see the following additional resources:

Requesting Help is the First Step

First, start by sending us the information we need to help you. Provide us with the appropriate information and documentation to help us understand the financial challenges you are facing. To do this, complete and submit your Borrower Response Package by following the detailed instructions on the Homeowners Checklist.

The sooner you contact your lender, the more options you’ll have to avoid foreclosure. When information has been compiled, please send the completed Borrower Response Package to us:

Wescom will review your Borrower Response Package within 5 business days of receiving it and send you a notice of incompleteness in the event there is any missing information or documentation that must still be submitted. We cannot guarantee that you will receive any (or a particular type of) assistance. As your mortgage loan servicer, we will work with you in an effort to make your mortgage payment affordable. You will not pay any fees to take advantage of this opportunity to modify your mortgage loan payment and keep your home.

Within 30 days of receipt of a completed Borrower Response Package, Wescom will notify you which foreclosure alternatives are available and any applicable next steps in order to accept the offer. However, if a Borrower Response Package is completed less than 37 days prior to a scheduled foreclosure sale date, we will strive to process your request as quickly as possible but you may not receive a notice of incompleteness or a decision on your request prior to sale.


If you have experienced any of the following events related to the processing of your foreclosure avoidance, please contact us at escalatedhomeownersassistance@wescom.org or toll free at 1-888-4WESCOM (1-888-493-7266), Ext. 4072.

  • Your Servicer did not evaluate your loan for foreclosure prevention alternatives.

  • Your loan was inappropriately denied a foreclosure prevention alternative.

  • You have experienced fraudulent servicing practices.

  • Your loan had foreclosure proceeding initiated inappropriately, or your servicer failed to suspend a foreclosure action as required.

  • You intend litigation in relation to a foreclosure action.

  • You are aware of a violation of FNMA guidelines or other required time frames for member outreach, evaluation or time permitted for response.

Wescom will make every attempt to resolve any concerns within 15 days. If additional time is needed, we may extend your resolution date for an additional 15 days. Within 5 business days of obtaining a resolution, we will contact you in writing with the resolution that was identified.

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