In observance of Juneteenth, Altura’s branches and offices will be closed on Wednesday, June 19th.
Online Banking, the mobile app, and our ATMs will be available for your convenience. Thank you.

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Personal Loans

Loan Modification

Life can take unexpected turns that make it difficult to pay your monthly bills. If you’re facing financial hardship, Altura can alter your loan agreement.

Altura Credit Union’s Loan Modification

Preserving Your Financial Well-Being During Hardship

If you’ve lost your job, been through a divorce, or suffered an injury, your life just got a lot more challenging. You’re emotionally and physically drained, and your bank account is suffering. If you’re already struggling to pay your bills, how are you going to make your loan payments? In a crisis like this, Altura urges you to talk to us about loan modification.

Altura Credit Union wants to make your loan payments more manageable during this time of hardship. We can work out the same agreement with you that we would with a loan consolidation company. Don’t suffer by trying to make payments you can’t afford. Talk to Altura about your options today.


Reasons for Loan Modification Assistance

There are many kinds of hardships that make you qualify for loan modification. Some of the most common include: 

  • Unemployment
  • Mandatory pay reduction
  • Underemployment following a job loss
  • Death of the primary or joint member
  • Decline in business earnings for a self-employed borrower
  • Incarceration of the primary or joint member
  • Disability, whether it’s permanent or short-term
  • Serious illness of a household member
  • Divorce
  • Separation
  • Natural or man-made disaster impacting place of employment or property


Working with Altura vs. Loan Modification Companies

In some cases, you may want to work with a loan modification company instead of Altura. However, you will save yourself from paying excessive fees by choosing to work directly with our credit union. If you still prefer to work with an outside company, do some research. Interview two or three companies before you choose one. You should also be wary of any company that asks for a significant amount of money upfront.

For more information about loan modification with your Altura loans, call us at 866-571-5099.


Why Was My Loan Modification Request Denied?

There are a few different reasons why your request for loan modification could have been denied. To know for sure why yours was, read the full denial letter from your lender. Your current credit score or your loan history may have caused the denial. If your submission was outdated or you didn’t provide the right documents, you could also be denied.

Can I Appeal a Denial for Loan Modification?

Even if you’ve been denied loan modification, you still have the option to file an appeal. But before you officially appeal the denial, make sure you’ve corrected the problem. You may need to request for your lender to start another trial modification period if you’ve missed some of your payments. After you’ve corrected the issue, follow your lender’s appeal process.

Can Loan Modification Hurt My Credit?

Loan modification should not have much effect on your credit score as long as it is a true loan modification program. Some programs claim to be loan modifications but are actually debt settlement programs. If you use such a program, your credit score will take a hit. You should make sure you are using a true loan modification program that won’t harm your credit.

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