Everybody Needs a Little Help Sometimes
If you are struggling financially you may consider a modification to your loan. Although each member’s situation is different, Alliant may offer the following modification options:
- Interest only note modification for a period of 6 to 12 months to lower scheduled monthly payments
- Note modification – lower your loan interest rate to the current rate until next scheduled rate adjustment
- Extend term – up to 30 years
You must provide all of the following information to Alliant before you can be considered for mortgage modification. Please note that your credit report will be reviewed.
- Most recent paystubs or unemployment stubs
- Most recent bank statements
- Most recent quarterly statement for your 401k or other retirement savings
- Signed Letter of Explanation (Write and sign a letter explaining the reason for delinquency, what actions are being taken to reduce costs, what kind of assistance are you looking for from the credit union and for how long, etc.)
- Current telephone numbers including home, cell, and work for both the primary and co-borrower
- Current employer names, departments, and addresses for both the primary and co-borrower, if applicable
- Real estate taxes and homeowner’s insurance must be paid for the current period
You may also seek counseling from a local HUD-certified housing counseling agency from the U.S. Department of Housing and Urban Development (HUD) to advise you of other options available for your property. To find a HUD-certified housing counselor in your area call 800-569-4287 or search HUD's website.
For the State of Colorado, contact the Colorado Foreclosure Prevention Hotline 877-601-4673.For the State of Illinois, contact the Illinois Department of Financial and Professional Regulation’s Consumer Hotline 800-532-8785 or visit their website in order to obtain a list of approved housing counseling agencies.
Frequently Asked Questions
Here are some important questions and answers that outline the differences between Alliant's modification options and the government’s "Making Home Affordable" program, and how to find more help with financial difficulties.
Am I eligible for the federal government’s Making Home Affordable Refinance Program if I have an Alliant mortgage?
No. only mortgage loans sold by lenders to or guaranteed by Fannie Mae or Freddie Mac are eligible under the plan. Alliant is a "portfolio" lender, meaning we don't sell our mortgage loans to investors. Alliant keeps and services the loans we make which provides us greater flexibility to approve more loans for more members. However, all Alliant members are eligible to be considered for refinancing, even if their mortgage is with another lender. Alliant will refinance our mortgage loans up to 115% Loan to Value.
Can I participate in the federal government’s Making Home Affordable Modification Program if I have an Alliant mortgage?
No. So that Alliant can continue to offer members more customized solutions and more flexible terms than the standardized government program, we do not participate in the U.S. Treasury's modification program at this time. Financial institutions that participate in this program are required to utilize the prescribed terms for any and all modification they perform. In addition, since we have not needed, nor accepted, support from the U. S. Government through the Troubled Assets Relief Program (TARP), we are not required to participate. We will continue to monitor this dynamic situation and if the program requirements or benefits to Alliant and our members change, we will re-evaluate our participation.
How do I contact Alliant to discuss my personal home loan needs?
Who can I contact for further financial assistance outside of Alliant?
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