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Financial Hardship

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Important Information for Members with a Merrimack Valley Mortgage

Mortgage Financial Hardship Assistance
Merrimack Valley realizes that financial hardship can happen to anyone. If you are unable to make your mortgage or home equity loan payment in a timely manner, we may be able to help. We suggest that you 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 800.356.0067, ext. 2520.

Beware of Foreclosure Rescue Scams. Help is free!
You should never have to pay 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 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 call 800.356.0067 or submit a written request to the attention of:

Assistant Vice President of Retail Lending
Merrimack Valley Federal Credit Union
500 Merrimack Street
Lawrence, MA 01843

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.
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