If you are seriously delinquent and possibly facing foreclosure, Long Beach City Employees Federal Credit Union has some options for you to consider. In all cases, we strongly urge you to stay in touch with the Credit Union.
List of Options
- Repayment Plan: We may accept an agreement to help you become current with missed mortgage payments by creating a schedule for repaying the past-due amounts.
- Workout Plan (Modification): We may present options to temporarily change the terms of the mortgage to make payments more affordable. Examples include an extension to the number of years on the loan, or a change to the rate to lower your payment during your hardship.
- Forbearance: We may allow reduced or suspended payments for a short period, after which another option will be agreed upon to bring the loan current. A forbearance option is often combined with a repayment plan or modification to bring the account current at a specific time
- Short Sale: If affording a home is no longer an option, then a short sale may be an option. A short sale would allow you to sell your home even if the mortgage balance exceeds the value of the home.
Items required to be considered for possible Hardship Assistance on Real Estate Loans
- Hardship Letter (specify the Reason for Delinquency and your plan of action for sustaining your new payment arrangement)
- Copy of most recent paycheck stub or proof of income
- List of Monthly debts & expenses - Personal Financial Assessment Form
- Estimate of affordable Monthly Payment amount
- Most recent bank statement
- Copy of homeowner’s insurance policy
- Copy of last 2 years federal tax returns. All page and schedules
- Signed 4506 and 4506T form
Steps to follow when you need to request assistance.
- Gather all of the items listed above. (Note: Some of the item above will be provided to you by the Credit Union)
- Call the Credit Union toll-free at (800) 595-4725 x2096
- Explain your situation (What has changed since you opened the loan)
- Advise your Credit Union representative of your intentions regarding your loan
(800) 569-4287 - HUD.GOV - Avoiding Foreclosure