Home Loan Assistance
Finding it hard to manage your home loan payments?
If you find yourself unable to manage your home loan payments, contact your primary mortgage lender right away. The sooner your lender knows about your situation the better chance you have of working out a solution. Waiting to find assistance will put you further behind in your payments and increase your chances of losing your home.
We want to help keep you in your home and avoid foreclosure. If LA Financial Credit Union is your primary mortgage lender and you need help, please call us right away at (800) 894-1200 x8233 and request a Workout Loan.
How It Works
- You may request LA Financial Credit Union to consider options to defer payment(s) or modify loan terms on your home loan. This is called a Workout Loan.
- We will schedule a time to meet with you either by phone or face-to-face.
- Gather these items for your meeting:
- Last two years W-2’s, current pay-stubs
- Federal Tax Returns for the previous two years
- Hardship letter explaining the circumstances regarding the default and how a Workout Loan will help you avoid foreclosure.
- Two months current statements for all bank/credit union accounts (excluding your LA Financial Credit Union account(s))
- Listing agreement for the subject property if currently listed and current asking price.
- Any offers to purchase the subject property
We’ve also partnered with financial coaches at GreenPath, they assist with financial wellness and getting you headed in the right direction. You can call them to get advice toll-free at 877-337-3399.
The Department of Housing and Urban Development (HUD) also offers counseling to homeowners whose mortgage loans have become delinquent. This counseling could help you avoid foreclosure. To find a homeownership counseling agency near you please call (877) 622-8525 or TTY (800) 877-8339.
WHY YOU SHOULD BE WITH A CREDIT UNION VS. A BANK
As not-for-profit institutions, credit unions are generally able to offer lower loan rates and higher deposit rates than the banks.
Valuable FREE Services
LA Financial Credit Union provides members with no-surcharge access to over 1,800 CO-OP Shared Branch Network locations and over 30,000 surcharge free CO-OP ATMs.
Owned by their members (rather than outside stockholders), credit unions are focused on people – not profits. Members elect a volunteer board to oversee their credit union; the credit union’s resources are then directed toward the good on the membership as a whole. Credit Unions exist to serve their member-owners by helping them to make the most of their money.