Sometimes life throws you a curveball, and when that happens you may need to alter the plan. Member First Mortgage will work diligently to assist members who are experiencing a hardship in their life.

Foreclosure Prevention Assistance may be available to aid Hardest Hit Homeowners in your area, please choose the appropriate link for your state:

If the above listed programs are not available to you for any reason, the next step is to take an in-depth look at your case. To apply for Hardship Assistance, click the link below and complete the application. If you have any further questions please contact our Home Preservation Department at:

To apply for Hardship Assistance please fill out the Hardship Assistance Request Form

What options do I have to avoid foreclosure?


Refinance

A new loan - with new terms, interest rates and monthly payments - that completely replaces your current mortgage. Even if your home value has decreased or you owe more than your home is worth, you may be able to refinance your loan as part of the government’s Home Affordable Refinance Program (HARP).

  • Make your payment more affordable by lowering your interest rate or adjusting the terms of your loan
  • Creates no negative activity or event on your credit history
  • Stay in your home and avoid foreclosure

*To Apply for a Refinance please click here

Repayment Plan

An agreement between you and your mortgage company that lets you pay the past due amount - added on to your current mortgage payments - over a specified time period to bring your mortgage current.

  • Resolve your delinquency
  • Catch up on your past due payments over an extended period of time
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure

Forbearance

An offer by your mortgage company to temporarily suspend or reduce your monthly mortgage payments for a specified period of time.

  • Have time to improve your financial situation and get back on your feet
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure

Modification

An agreement between you and your mortgage company to change the original terms of your mortgage—such as payment amount, length of loan, interest rate, etc. You may also be eligible for the government’s Home Affordable Modification Program (HAMP) created to help struggling homeowners.

  • May reduce your monthly mortgage payments to a more affordable amount
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure

Short Sale

A Short Sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance due on your mortgage. With your lender's permission, you may list and sell your home at fair market value, even if the amount you receive from the sale is less than the amount you owe.

A Short Sale is an alternative to foreclosure and may be an option if:

  • You are ineligible to refinance or modify your mortgage
  • You are facing a long-term hardship
  • You are behind on your mortgage payments

Deed-in-Lieu

As a last resort to avoid foreclosure, you may be able to voluntarily deed your property back to your lender. It's typically required to maintain the property in a clean and undamaged condition and also list the property for sale at Fair Market Value for at least 90 days. However, after inspection and approval, you could be eligible to receive relocation expenses to help cover your move.


Additional Resources

For additional information about preventing foreclosure, avoiding fraud scams and accessing approved counseling at no cost to you, visit:

  • Visit Freddie Mac's "My Home" website at www.myhome.freddiemac.com or Fannie Mae's www.knowyouroptions.com
  • Find available HUD-Approved housing counselors by calling the US Department of Housing and Urban Development at (800) 569.4278 or visit www.hud.gov/counseling
  • If you would like more information about VA (Veterans Administration), you can access the VA website at www.va.gov. You can also learn where to speak to a VA Loan Representative by calling (800) 827.1000

Hay ayuda GRATIS a su disposicion ofrecida por agencias de asesoria en vivienda aprobadas por HUD. VEA www.hud.gov/findacounselor para confirmar que la agencia de asesoria esta aprobada por HUD. Por telefono, llame al servicio localizador de asesoria en vivienda de HUD al (800) 569.4287.

Escalation Questions

Within the last 30 days, if you've applied for Hardship Assistance and been denied or feel the option offered was not appropriate for your situation; you may escalate your case for a second review. This request must be made in writing. Explain in detail what you wish/need to discuss. (Include your account number, relevant dates and the names of any MFM employees you have been working with on this matter.) Provide any other information that you think will help to achieve the outcomes you want.

Email to: compliance@memberfirstmortgage.com

Or mail to:  

Member First Mortgage, Compliance
616 44th Street SE
Grand Rapids, MI 49548

We will respond to your request within three (3) business days.

Shutterstock 364882781 Reduced

RATES ARE EXTREMELY LOW!

Check Rates