Payment Support
Get the Support You Need
If your financial situation has changed, we’re here to help. Our loan modification options are designed to make your payments more manageable and help you stay on track towards your goals.
Overview
A loan modification allows you to adjust the terms of your existing loan – such as payment amount, interest rate, or repayment period – to make your payments more manageable and can help avoid repossession of a vehicle or foreclosure on your home.
Whether you’re facing job loss, reduced income, illness, death of a spouse, or other financial challenges, we encourage you to reach out to us. A loan modification could create more space in your budget for other life expenses.
Eligibility
While there is no fee or credit score requirement for a loan modification, we do have an application process that requires a credit pull, certain information, and specific documentation. Our Asset Recovery team will review and determine if you’re eligible.
There are modification opportunities for various products including credit cards, auto loans, personal loans, and mortgage loans. The loan assistance options will depend on the loan type. There aren’t any current modification options for lines of credit.
Our team will be happy to go over the options in further detail.
Required Documents
Documentation required can vary depending on the type of loan you’re looking to modify.
Consumer loans
For consumer loans, we may require:
- Consumer Loan Modification Application
- Hardship letter or details on the application surrounding the reason for hardship.
- Proof of Income / Benefits Statement / Award Letter
- Current mileage (vehicle loans)
- Current credit report
- Other information as deemed necessary based on your individual circumstances
Mortgage loans
For mortgage loans, we may require:
- Mortgage Modification Application Form 710
- Hardship letter or details on the application surrounding the reason for hardship.
- Proof of Income / Benefits Statement / Award Letter
- Current Tax Bill (mortgage loans)
- Current Hazard Insurance Bill (mortgage loans)
- Condominium Fee Statement (mortgage loans only)
- Current Credit Report (our team will pull this with application process)
- Other information as deemed necessary based on your individual circumstances
How to Apply
Contact our Asset Recovery team by phone at 802.371.5165 or by email at assetrecovery@eastrise.com.
You can send the required documentation to us via email (assetrecovery@eastrise.com) or mail to: Asset Recovery, EastRise Credit Union, P.O. Box 527, Williston, VT 05495.
During the application and review process, you’re still obligated to make loan payments. A member of our team will contact you when the review is complete with a final decision and next steps.
Other Common Questions
We can work with you to set up a payment (or repayment) plan with a goal to bring your loan current within a specified period.
If your loan is over one month past due, we send modification packets in attempt to connect with you about how we can help. Providing the information requested can help us understand your financial situation so we can work with you to get you back on track. No matter if your financial challenges are short- or long-term, please complete all the sections so we can move quickly to assist you.
If you’re receiving any financial assistance, like unemployment, Social Security, SSDI, Reach Up, food benefits, cash or fuel assistance, alimony, or child support, you can provide a copy of a benefit or award letter. Two of your most recent bank statements showing any deposits would be suitable as well.
If you have reduced hours, we will need proof of current income and the anticipated date when the income will return to the previous amount, or circumstances of why the income will not increase.
If you’re self-employed, we’ll need the previous two years of tax returns, with supporting schedules, a current Profit and Loss statement, and the two most recent bank statements. If your business is no longer active, we’ll need dissolution documents, two most recent bank statements, and/or notice of bankruptcy.