A note for members who may be experiencing difficulty making their mortgage payments: Everyone goes through challenging times. By working together, you may have options to avoid foreclosure. The credit union has implemented a modification program for loans on our members' primary residences in an effort to keep qualified members in their homes. As a member of the credit union, you also have free access to BALANCE for housing and financial counseling.

Certified BALANCE counselors are available Monday-Thursday 5am-8pm, Friday 5am-5pm, and Saturday 8am-5pm (PST) To speak with a counselor toll free: 888-456-2227 or to learn more click here.

Mortgage Modification

In order to apply for a modification, we will need to obtain certain information from you regarding your household income and expenses including a letter detailing the nature of your financial hardship and a loan application. Please collect and be prepared to fax or mail the following items to the credit union:

A hardship letter detailing your current situation
Last statement from all other mortgages, i.e., 1st Trust Deed, 2nd Trust Deed, etc., excluding CSLA-FCU
Your most recent paycheck stubs to cover a 30 day period
Your most recent 1040 tax return
If you were recently laid off, provide supporting documents and your application for unemployment.  If already receiving unemployment, your last two unemployment payment stubs
If self employed, a copy of your last Federal tax return, a YTD Profit and Loss Balance Sheet listing assets and liabilities, plus 12 months of business bank statements
Copies of all pages of last three (3) months bank, savings, checking, investment and brokerage statements for ALL accounts outside of CSLA-FCU
Current evidence of acceptable insurance coverage on the property
Amount of any delinquent State, Federal, or Property Tax you owe
Amount of any delinquent Homeowners Association Fees
A valid email address and phone/cell number where we can reach you
Completed BALANCE Early Delinquency Intervention Worksheet (Download PDF) to be provided to the Credit Union

Here are some of the possible solutions we offer:

Loan Modification - Modify your payment with changes to term or interest rate.
If your application meets the criteria of the program, and if it makes more sense for the credit union to grant a modification (based on an "economic value" formula calculation) than to foreclose, we will grant the modification.
Refinance - Extension of credit to payoff other existing credit obligations.  (Generally only available to members who are not yet seriously delinquent.)
Short Sale - Allows you to sell your home to pay off the mortgage if you are unable to maintain payments, even if the home's market value is less than the total amount owed.

Call Cal State L.A. Federal Credit Union
Toll free: 888-515-8211
Local: 323-505-2600x118
Hours (Pacific): Mon - Fri 9 am - 5:00 pm

Don't fall prey to forclosure rescue scams! There is FREE information available to you on your options here:

HUD Certified Housing Counseling
The Department of Housing and Urban Development (or HUD) is a U.S. government agency that increases home ownership and supports home buyers. HUD offers free or low-cost counseling throughout the country. You can contact BALANCE for FREE HUD certified housing counseling toll free at 888-456-2227.  BALANCE may also be able to help you with budgeting and other debts.  This is a FREE service for our members.

Making Home Affordable Program
In March 2009, the federal government introduced the Making Home Affordable program. As the name implies, its purpose is to help struggling homeowners stay in their homes by giving them affordable, sustainable mortgages. Read more...

Forclosure Rescue Scams
In many communities, “We Buy Houses” and “Stop Foreclosure” signs are a familiar sight. If you are a desperate homeowner unable to keep up with your mortgage, you may be tempted to call the number on a sign. Don’t. Unfortunately, there have been a slew of con artists that have popped up in recent years who prey on homeowners facing foreclosure.  Read more...

Early Delinquency Intervention
There are many reasons homeowners face difficulty in making mortgage payments: unexpected expenses, loss of overtime, unemployment, overspending, illness/injury, disability, death, marriage, childrearing, divorce, education, and relocation. Whatever the reason, it is important to be informed of all available options and to act quickly.  This 6 chapter online education module, including sample letters, will walk you through the basics of what you need to know if you're facing this situation. Click here.

MakingHomeAffordable.gov

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