Experiencing Financial Hardship? A Guide to Avoiding Foreclosure

If you’re worried about missing a mortgage or home equity payment, you’re not alone — and you don’t have to face it by yourself. At CU1, we help Alaskans navigate tough seasons with options that protect your home and your peace of mind. The most important step is the first one: reach out early. The sooner we talk, the more tools we have to help.

What We Can Explore Together

Depending on your CU1 loan type and situation, you may have several paths forward:

Refinance — potentially extend your repayment period and/or reduce your interest rate to lower your monthly payment
Loan modification — adjust your existing loan to make payments more affordable
Special forbearance — temporary payment relief while you work through a hardship
Sell and settle — sell your home and repay your CU1 mortgage or home equity loan in full; if your home’s value is less than what you owe, we may consider accepting less than the balance and develop a plan for any remaining amount due

None of these options are one-size-fits-all. We’ll look at your full picture and walk you through what could fit best.

How to Get Started

Please don’t wait. As soon as you realize a payment may be a problem, contact our dedicated team.

If your loan is a CU1 Mortgage

Call toll-free (877) 865-8325. To help us evaluate eligibility quickly, have the following ready:

A brief hardship letter explaining why you can’t make your payments
Recent pay stubs or other proof of income such as Social Security or retirement income
Recent statements from all credit union, bank or brokerage accounts
Your most recent IRS tax return and supporting documents
Property tax statement
A list of monthly obligations
We may request additional documentation depending on your situation

If your loan is a CU1 Home Equity Loan

Call (907) 339-9485 or email MAupdates@cu1.org. Please have:

A hardship letter explaining why you can’t make your payments
A completed Personal Budget Worksheet
Recent pay stubs or other proof of income such as Social Security or retirement income
Recent statements from all credit union, bank or brokerage accounts

Independent Housing Counseling

You can also contact the U.S. Department of Housing and Urban Development (HUD) at 800-569-4287 or visit hud.gov/findacounselor to connect with a HUD-approved housing counseling agency for free, unbiased guidance.

Hard times don’t last — but the steps you take now can make a real difference. My team and I are here to listen, explain your options in plain language, and help you choose a path that keeps you moving forward.

— Tina Narron
Chief Lending Officer, Credit Union 1

Explore More Options for Financial Assistance