Overview: Receive a new loan with a lower interest rate or other favorable terms.
Benefit: Loan payments or terms become more affordable.
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
If you have experienced any of the following events related to the processing of your foreclosure avoidance, please contact us at firstname.lastname@example.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.