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Purdue Federal Credit Union

Phone #: 800.627.3328
Routing #: 274976067

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Personal Banking
Financial Counseling

Free and confidential financial help.

Local help is available for those facing financial challenges. Our financial 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 financial counselor to set up a free and confidential individual counseling appointment, or to schedule a free financial education workshop for you or your organization.


Joe Redmon


Leah Brown


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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

  • The mortgage loan is a first lien mortgage loan originated on or before January 1, 2009. The mortgage loan is a first lien mortgage loan originated on or before January 1, 2009.
  • The mortgage loan is delinquent or default is reasonably foreseeable. Loans currently in foreclosure or bankruptcy are eligible.
  • The mortgage loan is secured by a one- to four-unit property, one unit of which is the borrower's principal residence.
  • The property cannot be vacant or condemned.
  • Unpaid principal balance limits cannot be more than $729,750 for 1 unit.
  • A borrower has documented a financial hardship.
  • Approval from Mortgage insurer if applicable.

Preapproved Short Sale Agreement (SSA)

  • Hardship Affidavit/Request for Modification and Affidavit (RMA)
  • Evidence of residency (utility bill, financial institution statements, etc.
  • Dodd Frank Certification
  • IRS Form 4506T
  • Subordinate lien documentation
  • Form of income verification (two current paystubs)
  • Listing Agreement

Existing Offer Submitted Using an Alternative Request for Approval of Short Sale (Alternative RASS)

Same documents as SSA plus:

  • Accepted purchase contract

Imminent Default

  • Hardship Affidavit/Request for Modification and Affidavit (RMA)
  • Evidence of residency
  • Dodd Frank Certification
  • Subordinate lien documentation
  • Form of income verification less than 90 days old and signed Form 4506T-ez
  • Completed Uniform Borrower Assistance Form
  • Evidence of one of the borrowers death, disability or divorce

Establishing Property Value

  • Value is established through interior or exterior BPO or appraisal by credit union approved appraiser.

Dispersed Valuations

Borrower needs to gather supporting documentation including:

  • Borrower name and subject property address.
  • Comparable properties sold within last 90 days within 10 miles of subject property (for rural areas, 25 miles).
  • Work orders or repair estimates with photos.

Borrower should contact:

  • 1.800.627.3328 ext. 4005 to request a review of the property value or mail requests to Purdue Federal Credit Union, Attn: Loss Mitigation, PO Box 1950, West Lafayette, IN 47996-1950.
  • The review will take 10-15 business days and a response will be provided to borrower.

Price Reduction Review During Marketing Period

  • Purdue Federal Credit Union will review the list price of the property every 2 months if no offer is received and notify the borrower of any suggested reduction in price.

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.



  • Under the Short Sale Agreement the home did not sell.
  • You must be able to deliver marketable title to the Lender
  • Property must be vacated
  • Property is left in clean condition
  • All persons that signed the mortgage may be required to be present at the closing

Approximate timeframes for processing various aspects of a HAFA short sale, including any specific requirements for borrower compliance with timelines:

  • Eligibility Review — 14 days
  • BPO, RMV, SSA — 25 Days
  • Issuance of SSA
  • Borrower Returns SSA to Servicer — 14 Days
  • Marketing — 120 Days
  • Borrower submits offer — 5 days
  • Servicer offer approval after submittal — 10 days
  • Closing — not less than 45 days from the date of the signed contract for purchase

General HAFA questions:
(765) 497-3328 ext 7467
(800) 627-3328 ext. 7467
Attn: Loss Mitigation
PO Box 1950
West Lafayette, IN 47996-1950

Valuation Appeals:
(765) 497-3328 ext 7467
(800) 6627-3328 ext. 7467
Attn: Loss Mitigation
PO Box 1950
West Lafayette, IN 47996-1950

Transaction Status:
(765) 497-3328 ext 7467
(800) 627-3328 ext. 7467
Attn: Loss Mitigation
PO Box 1950
West Lafayette, IN 47996-1950

Escalation of Complaints:
Dana Tolley, Loss Mitigation Manager
(765) 497-7485
(800) 627-3328 ext. 7485

Single Point of Contact:
Megan A. Federer
(765) 497-7467
(800) 627-3328 ext. 7467

Service 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.

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