Important Information for Members with a Merrimack Valley Mortgage
Mortgage Financial Hardship Assistance
At Merrimack Valley, we understand that our members may experience financial hardship. If you are finding it difficult to make your mortgage or home equity loan payment in a timely manner, we may be able to help. It's important to consider all available options before risking possible foreclosure.
As your mortgage loan servicer, we will work with you in an effort to make your payment affordable. If you believe you are experiencing a qualified financial hardship, please contact the Lending Review Department at 1-800-356-0067 ext. 2520.
Beware of Foreclosure Rescue Scams. Help is free!
There is never a fee to get assistance or information about any mortgage financial hardship program. If you want to work with a third-party organization, make sure it is a HUD-approved housing counselor. For a HUD-approved counselor, visit http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call 1-888-995-HOPE.
- Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan.
- Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage servicer.
- Never make your mortgage payments to anyone other than your mortgage servicer without their approval.
Is Your Mortgage a Fannie Mae Loan?
To find out if your mortgage is owned by Fannie Mae, you can go to the Fannie Mae Loan Lookup site at http://www.fanniemae.com/loanlookup/. This site enables you to quickly determine if Fannie owns your loan. This site is provided only as a convenience; you should check with Merrimack Valley to confirm if your loan is owned by Fannie Mae.
If you do have a Fannie Mae mortgage and you wish to file a dispute with Merrimack Valley regarding the process or decision on your financial hardship application, please submit a written request to the attention of the Assistant Vice President of Retail Lending,
Merrimack Valley Federal Credit Union, 500 Merrimack Street, Lawrence, MA 01843 or call 1-800-356-0067.
The following is a summary of Merrimack Valley’s service commitment to provide fair consideration and timely resolution of the escalation process for Fannie Mae loans (in accordance with Fannie Mae guidelines):
- Within three (3) business days of when your escalated case is received, Merrimack Valley will acknowledge the inquiry in writing (email, fax, or mail).
- Within fifteen (15) business days from the written acknowledgement of receiving the request, a resolution will be determined.
- Within five (5) business days of identifying the resolution, you will be notified of the proposed resolution in writing.
