Free and confidential financial help.
Local help is available for those facing financial challenges. Our credit counseling department has been providing free, confidential assistance to members and non-members for nearly 10 years through:
- Financial education workshops to schools, businesses and organizations.
- Individual, free counseling sessions by appointment.
- Merit Checking Program, which is designed to help people learn healthy fiscal habits and gives them tools to improve their credit and checking history. After completing the program, participants are eligible for a checking account.
Contact a Purdue Federal credit counselor to set up a free and confidential individual counseling appointment, or to schedule a free financial education workshop for you or your organization.
Tips & Resources
Your Credit Score:
Here’s an article that explains in plain language why credit scores are changing all the time, how certain credit-related activities impact credit scores, and how to improve credit scores.
Financial Education Tools:
Bank on Tippecanoe
Need a checking account? Stop paying check cashing companies needless fees. Deposit your money for free.
Home Affordable Foreclosure Alternative (HAFA)
|Purdue Federal Credit Union Home Affordable Foreclosure Alternative (HAFA) Matrix|
|All servicers that have signed agreements with the U.S. Department of the Treasury (Treasury) to participate in the Home Affordable Modification Program (HAMP) must consider eligible borrowers who do not qualify for HAMP for other foreclosure prevention options including Home Affordable Foreclosure Alternatives (HAFA) which includes short sale and deed-in-lieu. However, each servicer has some discretion in determining additional eligibility criteria and certain program rules. In order to assist borrowers and their representatives in understanding any unique components of a servicer’s HAFA Policy, Treasury, has developed this HAFA Matrix. The summary information in this matrix is prepared solely by Purdue Federal Credit Union and does not represent any determination by the Treasury as to the servicer’s compliance with the Treasury’s policies and guidance for HAFA. Treasury does not endorse any language or policy described in this matrix. Any questions regarding the information contained in this matrix should be directed solely to Purdue Federal Credit Union.|
|Last Updated: 10/14/2011|
|DOCUMENTATION REQUIREMENTS|| Preapproved Short Sale Agreement (SSA)
Existing Offer Submitted Using an Alternative Request for Approval of Short Sale (Alternative RASS)
|VALUATIONS||Establishing Property Value
Borrower should contact:
Price Reduction Review During Marketing Period
|PAYMENTS DURING MARKETING PERIOD|| Borrowers are legally bound to pay the full amount of the monthly contractual installments,
however if a bona fide financial hardships exists a payment of not less than 31% of the borrowers
Gross Monthly Income will be required for the selling period.
|DEED-IN-LIEU POLICY/SPECIAL PROGRAMS||Deed-In-Lieu
|AVERAGE TIMELINES|| Approximate timeframes for processing various aspects of a HAFA short sale, including any specific requirements for borrower compliance with timelines:
General HAFA questions:
(765) 497-3328 ext 7467
(800) 6627-3328 ext. 7467
Attn: Loss Mitigation
PO Box 1950
West Lafayette, IN 47996-1950
Escalation of Complaints:
Single Point of Contact:
|Servicer Disclaimer: Please note: All requirements listed are general in nature. For detailed information and requirements it is suggested that you contact Purdue Federal Credit Union using the contact information listed above. There is no guarantee that your home will sell under the HAFA short sale program.|