You have options to get through financial difficulties
NGFCU understands that current economic conditions may have created a challenging situation for many people and families to meet their financial obligations.
If you’re having difficulty making your mortgage payments, we recommend taking immediate action by calling your lender or a certified housing counselor (see contact details below).
The earlier you establish contact, the more options you will have available to avoid the start of a foreclosure action on your property. The longer you wait the more expensive and difficult the process is to stop. A foreclosure will adversely affect your credit rating and could impact your ability to borrow money in the future.
Whether your loan is with Northrop Grumman Federal Credit Union or another institution, most lenders welcome the opportunity to work with you to keep your house, avoiding the costly foreclosure process. Please remember, however, your lender is under no obligation to offer or accept a workout. When you are delinquent on the loan, the default is your responsibility and the lender has the decision whether to offer potential remedies.
Options that may be available to you based on Northrop Grumman Federal Credit Union's evaluation and your individual situation include:
- Loan Modification – For members who desire to remain in their primary residence. Northrop Grumman Federal Credit Union uses a combination of the following to achieve a reasonable modified loan payment: capitalizing any outstanding interest, extending the loan term and lowering the interest rate. Please note that not all members will qualify.
- Short Sale – For members who do not wish to remain in their homes, but would like to sell the house for less than the total amount owed on the loan.
- Deed-in-Lieu – For members who do not wish to remain in their homes and cannot sell the home due to mitigating circumstances. Prior approval from Northrop Grumman Federal Credit Union is required.
- Foreclosure – For members who cannot afford to live in their house and would like assistance.
Financial documents you will need available for discussion with your lender include:
- A written statement explaining your financial hardship signed by all parties to the loan.
- Verification of all sources of income, including most recent pay stubs and W-2's. If self-employed a current profit and loss statement and/or copies of tax returns.
- Your most recent bank statement.
- A written financial statement detailing your income and expenses.
- If you pay your homeowners insurance and/or property taxes yourself, please provide a copy of the most recent paid insurance and tax bill.
Who to Contact
If your mortgage lender is Northrop Grumman Federal Credit Union:
Call 800-633-2848 extension 4852
If your mortgage lender is another institution:
Please contact your lender immediately
For counseling - HUD (Housing and Urban Development) certified housing counselor:
To reach Northrop Grumman Federal Credit Union by mail:
Northrop Grumman Federal Credit Union
Box Number 47009
Gardena, CA 92407-6809
Above all, we are here to help. If you need additional information or guidance after you have tried contacting your lender or the recommended HUD-certified counselor, contact Northrop Grumman Federal Credit Union at the number listed above.