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Payment Deferment – If you are one, two, or in some situations, three months behind in your payments, we may be able to defer your payment and extend your loan. |
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Loan Modification – A temporary change in the repayment terms of your loan. |
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Refinance – Obtain a new loan, if you qualify. |
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Repayment plan – Repay the amount you are behind over several months. |
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Home Saver Loan – If you are past due but not in foreclosure. |
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Fresh Start Loan - This solution is for members with their first mortgage with another institution and an SDCCU® Home EquityLine/Loan. |
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Workout Loan Program Checklist. |
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Income verification – current pay stub if you are a wage earner, if you are self-employed we need your current P&L, previous year’s tax return and the last three months’ bank statements. |
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Asset verification – current bank investment and retirement statements. |
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Completed Modification Request and Hardship Affidavit. |
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Hardship letter – write a letter that explains your situation and how a Workout Loan will help you avoid foreclosure. Be sure to sign your letter. |
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Signed Non-Disclosure Agreement. |
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Completed BALANCE™ Personal Financial Assessment. |
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Signed Information Release Form. |
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Tax Form 4506-T (request for Transcript of Tax Return). |
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You will be asked to contact a Real Estate Specialist, in a branch or by phone, to complete a loan application. |
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You will need to submit a completed Workout Loan Request packet. |
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We will pull your current credit report. |
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You will be required to meet with an SDCCU financial counselor to discuss your budget over the phone or in person. |
You have the right to use a third party, such as a counseling service or attorney, to assist you with this process. A signed consent form is required from you in order for us to speak with them.
