Stay strong – you're not in this alone
We know that today’s economic climate can be challenging for some of our valued members. But don't lose hope. Taking the right steps can go a long way to helping you avoid foreclosure. Here's some information that can help you get started:
- Don’t ignore letters or phone calls you receive from your lender
- Contact your lender immediately to explain your situation—most lenders will want to work with you to avoid foreclosure
- Seek credit counseling from a HUD-approved Housing Counseling Agency
- Explore foreclosure prevention options with your lender
Loan options
When you speak with your lender about preventing foreclosure, several options may be available based on your lender’s evaluation of your individual situation.
- Repayment plan: The lender may accept an agreement to help you get current with missed mortgage payments by creating a schedule for repaying the past-due amounts.
- Loan modification: The lender may offer to change the terms of the mortgage to make payments more affordable.
- Forbearance: The lender may allow reduced or suspended payments for a short period, after which another option will be agreed upon to keep payments on track.
Important: While most lenders will offer some type of financial arrangement to help keep you avoid foreclosure, they are not required to offer a workout plan.
First Financial Assistance
We will evaluate your individual situation. So we can get a complete picture of your circumstance, you will need to provide documentation. This includes the following – and we may ask for more.
- Completed/signed Member Assistance Form
- Letter describing current circumstance (“Hardship Affidavit” form)
- Copies of monthly/quarterly statements for all savings accounts, checking accounts, and
- CDs or Share
- Certificates
- Signed/dated 4506-T Form
- Copy of homeowners' insurance
- Copy of property tax statement
- Two most recent paystubs (if salaried)
- Most recent two years of federal income tax returns with all schedules (if self-employed or have rental property income)
- Profit/loss statement for the past 6 months (if self-employed)
Important
- Please make sure all required information is complete and accurate. If forms or information is missing, the review may be delayed.
- If possible, please continue to make the regular payments on your loan during this process.
- Please be aware that due to the number of requests, the review process may take up to six weeks.
- Once you have the required documentation, please mail it in one envelope to: First Financial Credit Union; P.O. Box 5040; Pasadena, CA 91117; Attention: Home Retention Assistance.
For more information
- If your mortgage is with us: (800) 537-8491
- If your mortgage is with another lender: Call your lender directly
- HUD-approved Housing Counseling Agency: (800) 569-4287 or go to the Home Counseling Services page.
Home retention assistance forms
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