Mortgage Hardship Assistance

Are you having trouble making your mortgage or equity loan payments with First City Credit Union?  Do you need assistance? Don’t wait until it’s too late! If you are unable to afford your mortgage payments and wish to avoid foreclosure, First City Credit Union wants to help you find potential resolutions. Please, give us a call at 1-800-944-2200, option 5, then option 2. First City Credit Union offers four options for members who are currently experiencing hardship and require assistance:

1. Loan Modification. For members who desire to remain in their primary residence.  First City Credit Union uses a combination of the following to achieve a reasonable modified loan payment: capitalizing any outstanding interest, extending the loan term, and lowering the interest rate.  Please note that not all members will qualify.
2. Short Sale.  For members who do not wish to remain in their homes and would like to sell the house for less than the total amount owed on the loan.
3. Deed-in-Lieu.  For members who do not wish to remain in their homes and can’t sell the home due to mitigating circumstances.  Prior approval from First City Credit union is required.
4. Foreclosure.  For member who cannot afford to live in their house and would like assistance.

To get started, please submit the following information to be considered for Mortgage Hardship Assistance Program:

1. Hardship letter (A detailed letter explaining what caused your financial problems)
2. Completed financial statement [include link here]. (Include last two (2) paystubs and most recent W2’s)
3. Copy of your signed federal tax returns (including all federal schedules for the last two (2) years.
4. Copy of your bank statements for the last three (3) months.

Additional Resources: Consumer Finance Protection Bureau (CFPB): CFPB sponsors housing counseling agencies that provide free or low-cost housing counseling throughout the country.  You can contact CFPB at 1-800-569-4287, or  find a housing counselor here to locate the nearest agency in your area. GREENPATH As a First City Credit Union member, we’re committed to your financial well-being. Through our partnership with GreenPath Financial Wellness, you have access to free, personalized counseling, guidance, and educational resources. With over 60 years of experience, GreenPath’s certified counselors can help you manage debt, student loans, and homeownership. You can find out more information on the GreenPath website here, or call 877.337.3399 State of California: The State of California also offers resources to help homeowners at www.keepyourhomecalifornia.org