Keeping Your Home Loans Current During Difficult Economic Times

During these difficult economic times the Ukrainian Federal Credit Union will make every effort to work constructively with residential real estate borrowers who are financially unable to make their contractual payment obligations on their home mortgage loans.

Consistent with safe and sound lending practices and where its economically feasible or appropriate, the credit union will evaluate each individual situation and take several important factors into consideration before determining if a residential mortgage loan may be modified or not. Foremost, the credit union will evaluate whether the member-borrower(s) inability to repay the loan under the current terms and conditions is a temporary or a long-term difficulty and whether there are guarantors or co-borrowers able to assist with loan payments. Other factors taken into consideration -- the amount that the loan is delinquent and the length of time the loan is past due. It is also important to know the physical condition of the property and the Title to the property -- whether there are any unauthorized changes and conveyances, junior liens (2nd or 3rd mortgages) and whether there are any delinquent taxes and/or liens/judgments on record.

After reviewing these factors, the credit union may offer one of the following options to modify the home mortgage loan payments if the borrower or borrowers have the ability to pay a more affordable mortgage:

• Full refinancing. This is possible if there is enough equity in the property and the loan to value is 80% or there is PMI (private mortgage insurance) available for higher loan value loans. Members may even be able to use cash from the refinancing to pay for all the closing costs.
• Forbearance plan. This means that the Credit Union may choose to temporarily agree to reduce payments for a short time to enable a borrower to catch up on missed payments or sell the home. There must be some equity in the home, and the borrower’s difficult financial issues must be temporary.
• Loan modification. When member-borrower has little or no equity and the inability to pay the current loan payment, but truly desires to remain in the home, the Credit Union may offer to modify the loan. The following types of loan modifications may be considered:

               1. Extend the term of the mortgage in order to reduce the monthly payment amount;
               2. Reduce the interest rate for a limited number of years to lower the monthly payment
                   amount;
               3. Change from an annual adjustable rate to a hybrid or fixed rate interest loan to
                   eliminate payment shock in the near future;
               4. Roll over past-due amounts and re-amortize the new amount due.

As a member-owned financial cooperative, Ukrainian Federal Credit Union was, is and will continue to be committed to safeguard member assets by providing prudent financial solutions that do not violate safety and soundness and are in the best interest of both the individual borrower and the credit union as a whole.

I. Consumer Installment Loans

Features

• Offering a variety of loans that include Signature, New, Used, and Recreational Vehicles, Share Loans
• Unsecured loans to 60 months
• Vehicle loans to 84 months
• Will loan up to 100% of new vehicle value plus tax & fees, up to 90% on used, depending on year
• Fixed, competitive rates
• Quick approvals
• Apply via office, mail, fax
• Automatic payment options
• Disability Insurance can be purchased

Benefits

• Turn to your credit union for all of your borrowing needs!
• Save money with low, fixed rates!
• Convenient and personal service when you apply!
• Get your money fast!
• Never worry about being late with automatic payments!
• Borrow all that you need with 100% vehicle financing!
• Enjoy peace of mind with disability and free life insurance!
• Rate discounts available for direct deposit, autopay, down payment!