Is an unexpected loss of income
creating a financial hardship for you?

Mortgage and Home Equity  |  The Balance program   |  Contact Us

Is a sudden loss of income making it very difficult for you to make your loan payments? We want to hear from you as soon as we can so we can develop options to help you through this challenging time.

Our Collection Department is staffed by DCU people, trained in "The DCU Way." They are eager to help you with fairness, sensitivity, and creativity. They have plenty of experience helping members work through financial difficulties. They have developed programs appropriate for almost every kind of financial concern and type of loan.

It is not unusual for people facing financial challenges to hesitate contacting their lender. That's unfortunate because the earlier we hear from you, especially if you are not yet late on your payments, the more options we have to help you.

Our aim is to help you through these tough times and get you back on the path toward your financial goals.

This program allows you to defer one monthly payment and apply it to the end of your loan.

This program is designed for members that are in a temporary hardship that will be resolved within 3-6 months or have already fallen behind on their DCU payments and need help to catch up. The number of months that are reduced to interest only payments will be applied to the end of the loan. For example, if you are approved for 3 months of Interest Only Payments, the term of your loan will be extended by 3 months.

This program is designed for members whose financial situation has changed permanently (such as a divorce, death, injury, etc.). A Work Out Loan may allow you to change the original terms of your loan agreement and fit you into a payment that is affordable. An extensive review of your DCU account, monthly income, and monthly expenses will take place to see if this option is right for you.

This program is designed for members that are already delinquent on their loan more than 180 days. A Re-Age allows a member to bring the loan completely current by adding the delinquent payments to the end of the loan, extending the maturity date by the number of payments skipped.

This program allows a member experiencing a hardship the ability to be brought current by Re-Casting the loan. This allows the past due loan amount, any unpaid interest, and unpaid late fees, to be added to the current principal balance owed. The loan is then recalculated to compute a new monthly payment based on the remaining term of the loan.

This program allows a member experiencing a hardship the ability to be brought current by Refinancing the loan. A Refinance is paying off an existing mortgage or home equity loan to structure a new loan secured by the same property.

This program allows a member the ability to restructure the mortgage note or home equity loan by lowering the interest rate and monthly payment. The loan would then be recalculated to compute a new monthly payment.

This program may allow a member a temporary reduction of payments or a reduction in the interest rate. Based on the member's financial situation, DCU may allow a modification on the original terms of the mortgage note to reduce the monthly payment to a more affordable level. The reduction of the interest rate and payments could be from 6 months to 1 year depending on the member's situation. After the Forbearance period has ended, payments are reverted back to the original terms.

This program allows a member to temporarily reduce their payments on a Home Equity Line of Credit (HELOC) for a specified period of time.

If you would like more information on the programs listed above, please contact our Mortgage Specialist at 800.328.8797 extension 9265.

* All of the Mortgage Programs listed require an application, financial statements, approval, and some exceptions/limitations apply.

We aren't experts in debt and budget management. So we've contracted with an organization that is. DCU Members can get free unbiased financial advice and assistance through BALANCE. They provide many valuable services and can help you with:

Call DCU at 508.263.6700 or 800.328.8797 and ask to speak to a Financial Wellness Representative or email us to find out more about the program and determine if it is right for you. BALANCE can be reached by calling them toll-free at 888.456.2227. Counselors are available Monday through Thursday, 8 am to 11 pm (EST), Friday 8 am to 8 pm and Saturday from 11 am to 8 pm.

Let us help you get back on track. We can only help you if we know about your situation.

For help with Consumer Loans, Lines of Credit, Mortgages, or Home Equities – call 508.263.6700 or 800.328.8797. For other ways to contact visit our How To Contact DCU web page.

Privacy | Careers | New Member Guide | Branches | ATMs | Feedback | DCU Classified | Help

© 2010. Digital Federal Credit Union