Q:

How do you get mortgage assistance at the Logix Credit Union?

A:

Quick Answer

Obtain mortgage assistance at the Logix Federal Credit Union by submitting a Borrower Financial Statement form or by contacting a loss mitigation counselor with the credit union to discuss creating a payment plan or modifying the terms of the loan. Some customers may be able to participate in the Making Home Affordable Program or a similar program through the Department of Housing and Urban Development, as of 2015.

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Full Answer

The Logix Federal Credit Union offers customers a variety of home loan options to aid in the purchase of a new home, such as fixed-rate mortgages, adjustable-rate mortgages and 5/5 mortgages. If a customer faces a financial hardship that prevents her from meeting her minimum monthly payment obligations, she can contact the credit union directly to meet with an associate to discuss her circumstances. Depending on the situation, the customer may be able to modify the terms of the loan to allow for different payments or develop a plan to pay off the mortgage through asset liquidation.

If the customer is already behind on payments, she may still be able to qualify for help from the institution directly, depending on the status of the loan and payments. Home owners with mortgages through the Logix Federal Credit Union may also be eligible for participation in one of the Making Home Affordable Program's initiatives, such as monthly payment reductions or loan refinancing options.

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