If you find yourself unable to manage your loan payments, contact your primary lender right away. The sooner your lender knows about your situation the better chance you have of working out a solution. Waiting to request assistance will put you further behind in your payments and increase your chances of defaulting on your loan.
Workout Loans
SDCCU® is here to help! You may request SDCCU consider options to defer payment(s) or modify the terms on your loan. This is called a "Workout Loan." There is no cost to request a Workout Loan and you don't need to be behind on your payments to call. The sooner you call, the sooner we can help!
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. Please see the warning below about potential scams.
Note: You are still responsible for making your payment(s) while your Workout Loan request is being reviewed. Collection efforts, late fees and late payment reporting to credit bureau(s) may occur if your loan payment(s) are past due.
Consumer Loans
SDCCU offers Workout Loans on Auto and other consumer loans. Learn more about requesting a Consumer Workout Loan.
Home Loans
SDCCU wants to help keep you in your home and avoid foreclosure whenever possible. If SDCCU is your primary mortgage lender and you need help, please contact us right away and request a Workout Loan. Within 14 days of receiving your request, we will schedule you to meet with an SDCCU Counselor, either by phone or in person. Learn more about requesting a Home Workout Loan.
The United States Department of Housing and Urban Development (HUD) funds free or very low-cost housing counseling nationwide. The toll-free telephone number to find a HUD-certified housing counseling agency is (800) 569-4287 or TTY (800) 877-8339. See the Department of Housing and Urban Development at hud.gov for a more complete list of Community Counseling Agencies.
Here are a few legitimate counseling agencies you can contact for assistance:
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The Homeownership Preservation Foundation is a national organization and the cost of counseling is paid for by Fannie Mae. Talk to an experienced counselor at (888) 995-HOPE or visit the Foundation website at 995hope.org. |
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San Diego Home Loan Counseling & Education Center is local and celebrating 30 years of community service in San Diego. This service is typically easier to reach than the Hope organization and charges $25 for their services. Learn more at sdhomeloan.org. |
Counseling Services
No cost counseling is available for SDCCU members who need assistance in requesting a Workout Loan. Contact BALANCE™ Financial Fitness at (888) 456-2227 for more information.
Warning: Please beware of businesses representing themselves as “counseling agencies” that are not HUD-Certified and are really “for profit” businesses that charge for their services and cannot guarantee any results.
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Work only with a non-profit HUD-approved counselor. |
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Most housing counselors provide no- or low-cost counseling services. Be wary of services that require payment up front or a deposit over $50. |
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Be wary of guarantees. No one can ensure you good results. |
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Know what you are signing. Don't let a counselor pressure you into signing paperwork you aren't comfortable with. |
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If it sounds too good to be true, it probably is. |
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