If you are having difficulties paying your monthly payments on your POLAM FCU real property secured loan, we may be able to help. Depending on your circumstances, you may have the following options that will help you avoid foreclosure.
Sell your property;
Refinance your Credit Union loan with another lender;
Bring your loan current; or
Discuss with us the possibly of a loan modification. Whether you qualify for a loan modification depends on a number of factors, non-exclusively including: the type of your loan; how much you owe; the value of your property; and your financial circumstances.
In order to assess your financial situation and explore your options to try to avoid foreclosure, we need the following documents and information from each borrower:
- Fannie May 1003 Real Estate Loan Application. This can be completed jointly by spouses.
- Last two years of filed state and federal tax returns, including all attachments;
- A signed 4506T for the last two (2) years of filed tax returns (link for interactive form to complete or download);
- Last four (4) pay statements;
- Last two months of bank and Credit Union statements, (except for POLAM Federal Credit Union statements);
- Hardship letter explaining your present circumstances, when your hardship started, and what happened to cause it;
- A copy of the endorsement page of your current insurance policy on the property, naming the Credit Union as loss payee, and
- Your most recent annual real property tax bill and any supplemental unpaid real property tax statements or bills you have received.
- Current copy of your HOA (Homeowners Association) statement (if applicable).
Our toll-free phone number is (800)404-5137. Please call us to discuss your situation Monday-Thursday 9 a.m. – 4 p.m., and Fridays 9 a.m.- 6 p.m.
Or you can call HUD at its toll free number for a referral to Approved Housing Counseling Agencies at (800) 569-4287.