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MSU Federal Credit Union | Financial Library | Foreclosure Survival Guide

Foreclosure Survival Guide


Having Trouble Making Your Mortgage Payment? 

No matter the reason you've fallen behind on your mortgage payment, MSUFCU wants to help keep you and your family in your home.


Your financial setback may be short-term in nature and temporary, or it may be long-term and your payment is just too much for your income and budget. Don't wait! If you are having trouble making your monthly payment, act now. Communication with MSUFCU is very important for us to help you maintain your home. Not making your loan payments and not communicating with your lender about your situation can have serious consequences.


Whether your loan is with MSUFCU or another lender, most lenders would rather work with you to keep your home than go through the costly foreclosure process.

Typically, the lender will evaluate your personal situation to determine if it will offer or accept a modification. Be prepared to answer questions about your income, your expenses, and the reasons why you fell behind on the mortgage loan if you want the lender to consider your request for a modification. You may be asked to write a "hardship letter" that details exactly why you need help with your mortgage payment. Remember, the lender is under no obligation to offer or accept a modification. When you are delinquent on the loan, you are in default and the lender has remedies available in the loan contract.

Here are some options that are generally available to borrowers with most lenders and all are possible options for mortgage loans with MSUFCU.

  • Refinance: Your lender or another may be willing to refinance your loan, especially if you have a good payment record and the ability to continue making payments. Contact MSUFCU's loan department at 517-333-2222 or 800-678-6967 to talk with a loan officer about refinancing your existing loan.
  • Reinstatement: The lender will accept the total amount owed in a lump sum by a specific date.
  • Forebearance: The lender will allow reduced or suspended payments for a short period of time. A forebearance option is often combined with a repayment plan or modification to bring the account current at a specific time.
  • Loan Modification: A lender may permanently change the loan in one of the following ways: changing the interest rate, including making an adjustable rate into a fixed rate, or extending the number of years to pay.
  • Claim Advance: If the mortgage has insurance (PMI), the lender/insurer may allow you to take an interest-free loan to bring the account current.