Avoiding Foreclosure

Options to explore

It doesn't have to end in foreclosure. If you're unable to afford your mortgage or home equity payments and want to avoid foreclosure, Oregonians can help you find workable solutions. There may be options available to you depending on the type of loan you have with us. Some possible outcomes include:

  • A temporary or permanent loan modification;
  • An agreement to conduct a short sale;
  • A deed in lieu of foreclosure;
  • You may be able to sell your home and repay your loan in its entirety. If your home's value is less than what you owe, Oregonians Credit Union may be willing to accept less money than you owe and develop a repayment plan for the remaining amounts due;
  • another workout plan; or
  • no workout agreement, keeping loan terms as is.

We want to discuss your options, but please do not delay. Contact us as soon as you realize you cannot afford to make your payment. If you want to discuss options for avoiding foreclosure, please call (503) 239-1120 or (800) 697-8996.

To evaluate your eligibility for the options listed above, we may ask for the following documents. Please have them available if requested:

  • Detailed letter describing your financial hardship.
  • List of assets, including the amount owed and the value (home, other real estate, retirement funds, investments, checking accounts, savings accounts, automobiles, other).
  • Amount of monthly income.
  • List of expenses and monthly amount owed (mortgage, auto payment, auto insurance, auto fuel/repairs, credit card payments, child support/alimony, day care/tuition, food, utilities, medical, phone, cable TV, entertainment, other, etc.).
  • Statement of net worth (total assets minus total liabilities).
  • Two current pay stubs not more than 45 days old for all sources of income including pensions, Social Security, unemployment compensation, etc.
  • Benefit statements from Social Security, disability, unemployment, retirement, or public assistance
  • Two recent bank statements not more than 60 days old for all accounts including investment accounts, retirement accounts, etc.
  • Most current year’s W-2s, if not self employed.
  • Two most recent years’ income tax returns and a current profit and loss statement (1040’s only, please no W-2s) if you have self employment income.

You may also consider contacting these other resources: