Home Loan Options
The following Workout Loan options may be available to members who are unable to afford their monthly mortgage payment and who wish to avoid foreclosure:
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Payment Deferment – If you are one, two, or in some situations, three months behind in your payments, we may be able to defer your payment and extend your loan. |
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Loan Modification – A temporary change in the repayment terms of your loan. |
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Refinance – Obtain a new loan, if you qualify. |
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Repayment plan – Repay the amount you are behind over several months. |
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Home Saver Loan – If you are past due but not in foreclosure. |
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Fresh Start Loan - This solution is for members with their first mortgage with another institution and an SDCCU® Home EquityLine/Loan. |
Request a Workout Loan
If SDCCU is your primary mortgage lender, contact us right away at (877) 732-2848 to request a Workout Loan. Please print out our Workout Loan Request Packet and ensure you have completed all requirements before submitting to SDCCU for review.
You will need the following items when requesting a Workout Loan:
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Workout Loan Program Checklist. |
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Income verification – current pay stub if you are a wage earner, if you are self-employed we need your current P&L, previous year’s tax return and the last three months’ bank statements. |
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Asset verification – current bank investment and retirement statements. |
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Completed Modification Request and Hardship Affidavit. |
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Hardship letter – write a letter that explains your situation and how a Workout Loan will help you avoid foreclosure. Be sure to sign your letter. |
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Signed Non-Disclosure Agreement. |
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Completed BALANCE™ Personal Financial Assessment. |
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Signed Information Release Form. |
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Tax Form 4506-T (request for Transcript of Tax Return). |
Here is what you can expect to start the process:
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You will be asked to contact a Real Estate Specialist, in a branch or by phone, to complete a loan application. |
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You will need to submit a completed Workout Loan Request packet. |
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We will pull your current credit report. |
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You will be required to meet with an SDCCU financial counselor to discuss your budget over the phone or in person. |
You have the right to use a third party, such as a counseling service or attorney, to assist you with this process. A signed consent form is required from you in order for us to speak with them.
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