Burbank City Federal Credit Union

Ways to possibly avoid foreclosure

We understand that some of our members may be experiencing financial hardships due to the current economic situation. If you are currently struggling to make the payments on your home loan(s), the credit union may be able to help.

Be sure to contact your lender directly if you need assistance; you do not need to pay a third party to request a loan modification. If your loan is with Burbank City Federal Credit Union, you may be eligible for a loan modification. Our goal is to help our members who are in financial distress try to save their homes from going into foreclosure.

To determine if you qualify for a loan modification we will need to review your financial situation. In order to do this, you will need to complete our loan modification package which includes the following items:

  • Written explanation detailing the specifics of your hardship
  • Letter of consent
  • Financial statement
  • Written description of your monthly expenditures
  • Copy of current Homeowners Insurance
  • Two months paycheck stubs
  • Two months of current bank statements
  • Proof of current Home Owners Association
  • Most recent W-2 statement(s)
  • Two years tax returns (All schedules)

To get started please contact us at (800) 622-3328, Monday - Friday, during regular business hours. You can pick up a loan modification package at our office located at 1800 W. Magnolia Blvd, Burbank, CA 91506 or call us and we'll gladly mail it to you.

After the information is received and reviewed we will contact you and let you know if we are able to assist you.

Other helpful resources

Keep Your Home California is a free service for homeowners who have suffered a financial hardship, to help them stay in their homes, maintain an affordable mortgage payment and avoid foreclosure. Click on the icon to see a list of the programs they are currently offering.

The Department of Housing and Urban Development (HUD) offers counseling for homeowners whose mortgage loans have become delinquent. This counseling might help you avoid foreclosure.

Department of Housing and Urban Development
(800) 569-4287 or TTY (800) 877-8339
http://www.hud.gov/foreclosure/

Find a Housing Counselor
Housing counselors throughout the country can provide advice on buying a home, renting, defaults, foreclosures, and credit issues.
Visit the following web site for more information at: http://www.consumerfinance.gov/find-a-housing-counselor/

The National Foundation for Credit Counseling (NFCC) provide free or low-cost individualized, confidential credit counseling in-person and by phone at (877)-316-6322. http://www.nfcc.org

 

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