Foreclosure

Facing Foreclosure

Working with Mortgage Borrowers
The federal financial institutions regulatory agencies encourage financial institutions to work constructively with homeowners who are financially unable to make their contractual payment obligations on their home loans. Many homeowners may face significant payment increases when their adjustable rate mortgage (ARM) loans reset in the coming months. These borrowers may not have sufficient financial capacity to service a higher debt load, especially if they were qualified based on a low introductory payment. The agencies have long encouraged borrowers who are unable to meet their contractual obligations to contact their credit union or servicer to discuss possible payment alternatives at the earliest indication of such problems.

Valley Oak Credit Union offers workout programs that are consistent with safe and sound lending practices and are in the long-term best interest of both the membership and homeowner. However, there may be instances when workout arrangements are not economically feasible or appropriate.

It is critical that you contact Valley Oak to talk about your possible options for assistance which includes:

  • Loan modifications
  • Repayment plans
  • Deed-in-lieu
  • Short sale
  • Forbearance - Please contact Valley Oak Credit Union Loan Servicing at 800.561.4302 or 559.686.9556 to speak to our Solutions Department. To apply for assistance, please be prepared to provide the following items. Further documentation may be requested upon review of your circumstances.
    • Written request for workout relief which needs to contain a detailed explanation of your current financial circumstances
    • Last statement from all other mortgages (1st Trust Deed, 2nd Trust Deed)
    • Year to date income verification, most recent paystub(s) and most recent years income tax returns (if self-employed 2 years returns)
    • Statement of any delinquent state or federal income taxes
    • Lease or rental agreement for non-owner occupied property
    • Income and Expense statement
    • Loan application


The United Stated Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide.

The toll-free telephone number to find a HUD-certified housing counseling agency is 800.569.4287 or TTY 800.877.8339.

Foreclosure Assistance Resource Links:
http://www.hud.gov
http://www.knowyouroptions.com

Community Counseling Agencies:
www.yourhome.ca.gov/counties/tulare.shtml

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.