Workout Loan Assistance

SDCCU wants to help keep you in your home and avoid foreclosure whenever possible. Our goal is to find an arrangement that is in the best interest of all parties involved. If SDCCU is your primary mortgage lender and you need help, please call us right away at (877) 732-2848, ext. 3100, and request a Workout Loan. You may request that SDCCU consider options to defer payment(s) or modify loan terms on your home loan. 
  

No cost counseling is available for SDCCU members who need assistance in requesting a Workout Loan. Contact Balance Financial Fitness for more information at (888) 456-2227.
 
You have the right to use a third party, such as a counseling service or attorney, to assist you with this process. This signed consent form is required from you in order for us to speak with them. Please see the warning below about potential scams.
 
The United States Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. The toll-free telephone number to find a HUD-certified housing counseling agency is (800) 569-4287 or TTY (800) 877-8339. See the Department of Housing and Urban Development at hud.gov for a more complete list of Community Counseling Agencies.
 
Here are a few legitimate counseling agencies you can contact for assistance:

• The Homeownership Preservation Foundation is a national organization and the cost of counseling is paid for by Fannie Mae. Talk to an experienced counselor at (888) 995-HOPE or visit the Foundation website at 995hope.org. 
• The California Housing Finance Agency offers counseling services and hardship assistance. Learn more at calhfa.ca.gov.

Warning: Please beware of businesses representing themselves as “counseling agencies” that are not HUD-Certified and are really “for profit” businesses that charge for their services and cannot guarantee any results.

• Work only with a non-profit HUD-approved counselor.
• Most housing counselors provide no- or low-cost counseling services. Be wary of services that require payment up front or a deposit over $50.
• Be wary of guarantees. No one can ensure you good results.
• Know what you are signing. Don't let a counselor pressure you into signing paperwork you aren't comfortable with.
• If it sounds too good to be true, it probably is.

You will need the following items when requesting a Workout Loan:

• Workout Loan Request Packet
  • Real Estate Loans
  • Consumer Loans

Here is what you can expect to start the process:

• Submit your completed Workout Loan request packet via fax, email, mail or at any of our more than 40 convenient branch locations.
• We will pull your current credit report. (Home Workout Loans only)
• We will pull an automated value model to determine your current property value and will provide you with a copy of this report.
• You will be required to contact Balance™ to complete your mandatory financial counseling. (Home Workout Loans only)
• You will be notified of the Workout Loan decision via mail upon receipt of your completed Workout Loan request packet and a decision has been made.

You have the right to use a third party, such as a counseling service or attorney, to assist you with this process. This signed consent form is required from you in order for us to speak with them.

Note: Incomplete applications will delay the processing of your Workout Loan request.

Contact a Workout Loan Specialist at (877) 732-2848, ext. 3100,  for more information on any of the above programs.