Home Retention Assistance
What You Should Know About Foreclosure
As your Financial Partner for Life, we know that today’s economic climate can be challenging for some of our valued members—including meeting all of their financial obligations.
If you find that you are affected by the current economy and are having trouble meeting your financial obligations, including keeping up with your mortgage payments, below is information designed to help you avoid foreclosure on your home.
- 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
When you speak with your lender about preventing foreclosure, there are several options that may be available based on your lender’s evaluation of your individual situation including:
- 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 an option 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 of time, after which another option will be agreed upon to bring the loan current.
Important note: most lenders will want to work with you to make some type of financial arrangement to help keep you in your home and to avoid foreclosure. However, lenders are not required to offer any type of workout plan; including loan modifications, forbearance or repayment plans.
Home Retention Assistance at First Financial
First Financial will evaluate your individual situation; however, in order to have a complete picture of your circumstance, you will need to provide required documentation, including but not limited to:
- Completed/signed Member Assistance Form
- Letter describing current circumstance (“Hardship Affidavit” form)
- Copies of monthly/quarterly statements for all savings accounts, checking accounts, and certificates (CDs or share certificates)
- Signed/dated 4506-T Form
- Copy of Homeowners Insurance
- Copy of Property Tax Statement
- Two (2) most recent paystubs (if salaried)
- Most recent two years’ Federal Tax Returns with all schedules (if self-employed or have rental property income)
- Profit/Loss Statement for the past 6 months (is self-employed)
Please note that it is VERY IMPORTANT to have all of the required information complete and accurate. If the information is only partially completed or is missing information, the review may be delayed.
Please continue to make the regular payments on your loan during this process. Also, please be aware that due to the number of requests, this process may take as long as 6 weeks.
Where to Send Home Retention Assistance Documentation
Once you have the required documentation completed and ready to return, please mail the entire package 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 First Financial: (800) 537-8491
If your mortgage is with another lender: Call your lender directly
HUD-approved Housing Counseling Agency: (800) 569-4287 or https://apps.hud.gov/offices/hsg/sfh/hcc/fc/index.cfm
Home Retention Assistance Forms
Click on the form below to download your assistance forms: