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Printing Industries Credit Union understands that in difficult times it is challenging to meet your financial obligations. We’re here to help. If you are facing difficulties making your mortgage payments, our recommendation is to take immediate action and call one of our representatives right away or a certified housing counselor (contact information is listed below).
The quicker you do so the more options you will have to avoid the start of a foreclosure action on your property. Simply put, the longer you wait the more difficult and expensive the process is to stop. A formal foreclosure will damage your credit rating, and your ability to borrow money in the future will be negatively impacted.
Options that may be available to you based on our evaluation and your individual situation include:
- Repayment Plan – Printing Industries Credit Union may accept an agreement to help you get current with missed mortgage payments by creating a schedule for prepaying the past due amounts.
- Loan Modification – Printing Industries Credit Union may present an option to temporary change the terms of the mortgage to make payments more affordable. Example actions may include an extension to the numbers of years, or change the rate to lower your payment during the hardship.
- Short Sale – If affording your home is no longer an option, then a short sale may be an option. Short sale allows you, the member, to sell your home even if the mortgage balance exceeds the value of the home
Contact our Lending Department and we will guide you through the process and help you determine which option is best for you.
Documents you will need to provide the credit union in order to discuss your options:
- Mortgage Loan Assistance Application
- Letter of Hardship (why the assistance is needed, what type of assistance you are requesting, and details of changes to income and how much you can afford to pay on the mortgage each month)
- Proof of Income (2 months current paystubs, if self-employed or retired, provide 6 months of bank statements)
- Copies of 2 months bank statements (most recent)
- Copies of 2 years Tax Returns (most recent, including all schedules)
- Proof of residence
Who to Contact
Printing Industries Credit Union
Riverside: 951.781.0981
Commerce: 323.728.1866
Toll Free: 800.479.7837
HUD (housing and urban development) Certified housing counselor
or 800.569.4287