Avoiding Foreclosure
If it is getting more difficult to make payments and stay current on your mortgage or equity loan, we’re here to help. Let Financial Center help you avoid foreclosure and keep you in your home.
Step 1: Gather Your Information
Before meeting with an FCCU representative, gather documents and information that will help us determine the options available to you. Please gather the following documents:
- Most recent paystub and W2. Self employed? Provide us with your most recent tax return and income statement.
- Recent mortgage statement on any other mortgage you may have on the affected property
- Written explanation of your current hardship
- A list of all your monthly obligations, including loans, credit cards, utilities, etc.
- A list of items you own free and clear, like a car 10 years or newer
Step 2: Contact FCCU
Contact an FCCU representative at (800) 427-6024, ext. 50124 or (209) 948-6024, ext. 50124 and set up an appointment to discuss options.
Step 3: Review Your Options
During your appointment, we will review your information and present options that will help you avoid foreclosure. Options available depend on your current financial situation and may include:
- Consolidating debt
- Making payment arrangements
- Refinancing a loan
- Modifying the terms of the existing loan
- Consolidating debt to lower payments
- Contacting a HUD certified counseling service or other counseling agencies or an attorney
- Arranging for sale of property, which could include a Short Sale, or selling the home for less than the loan amount
- Assigning the property over to FCCU, or deed in lieu of foreclosure
You may contact HUD’s toll free number, 1-800-569-4287, to be put in touch with an HUD–certified counselor. You may also contact HOPE NOW Alliance, an independent non–profit with a single mission of helping homeowners avoid foreclosure. To contact HOPE NOW, call 1-888-995-HOPE (4673) to be put in touch with an HUD–approved counselor.
