REAL ESTATE HARDSHIP ASSISTANCE
There are options to help with your home loan payments if you are faced with financial hardship.
CommonWealth cares and has a number of programs that may be able to help you afford your payments and avoid foreclosure.
If you are faced with a financial hardship, we may be able to provide temporary assistance that will keep you in your home, including:
- Lowering your monthly payment by temporarily lowering the interest rate
- Lowering your monthly payment by extending the loan term
- Consideration of other alternatives
For assistance, please call our Loan Adjustments Manager, toll-free at (800) 564-1588 extension 3215. Each situation is unique, so please contact us for more information.
To get the process started, you will be requested to provide your personal financial information and a letter describing your financial hardship. Please have the following documents ready when calling for assistance:
- Mortgage statements from all lien holders
- Foreclosure notices received, if any
- List of all current household debts
- Proof of household income
- List of household expenses
- Property insurance declaration page
- Property tax status
It is the goal of the CommonWealth Central Credit Union Home Loan Preservation Program to determine each borrower's individual situation and discuss the best alternative or option that may be available consistent with the 2009 California Foreclosure Prevention Act. Click here to view the details of our Home Loan Preservation Program.
As a member of CommonWealth, you also have access to professional, confidential money management information and counseling. Call BALANCE, a financial fitness program, at 888-456-2227 Monday - Thursday 5am - 8pm, Friday 5am - 5pm and Saturday 8am - 5pm (PST) to speak with a personal finance expert, or log on to www.balancepro.net.
Further assistance may be acquired through the U.S. Department of Housing and Urban Development (HUD) to find a HUD-certified housing agency. Call (800) 569-4287 or visit the HUD website at www.hud.gov for additional information.
