Tips to Avoid Foreclosure
If you're having trouble making your payments and are worried about foreclosure, we'd like to try to help you keep your home. We may be able to work out a modification to your loan that could include changes to your rate, your term and/or your payment schedule Or, a pre-foreclosure sale (short sale) of your property might be in your best interest. In any case, Contact Us so we can explore your options with you.
Have this information ready when you call us:
- A written description of your difficulty and it's impact on your financial situation
- Recent pay stubs (for all signed parties) and proof of any other income
- If self-employed, the most recent tax return (for all signed parties)
- Recent mortgage statements
- Bank statements for the last two months
- W-2s and tax returns from previous year
- An idea of what you could reasonably afford to pay each month for your house payment
The following additional resources may also be helpful:
- Free Credit Counseling ─ All SCE FCU members can receive free budget and debt counseling services through the BALANCE Financial Fitness Program. To speak with a counselor, send them an email or call 888.456.2227.
- Department of Housing and Urban Development (HUD) ─ You may speak with a HUD-certified houseing counselor toll-free at 800.569.4287.
You don't need to pay someone to try to re-arrange your debt for you. Your Credit Union offers you assistance free of charge. And remember, you should never ignore calls or letters from your lender. It can only worsen your situation and cause you to be even farther behind.