Avoid Real Estate Foreclosure

Your Credit Union is concerned that current economic conditions may have created a challenging situation for many individuals and families to meet their financial obligations. If you are having difficulty making your mortgage payments, our recommendation is to take immediate action and call your lender or a certified housing counselor (see contact details below).

The earlier you establish contact the more options you will have available to avoid the start of a foreclosure action on your property. The longer you wait the more expensive and difficult the process is to stop. A foreclosure will adversely affect your credit rating and could impact your ability to borrow money in the future.

Whether your loan is with LBS Financial Credit Union or another institution, most lenders welcome the opportunity to work with you to keep your house, avoiding the costly foreclosure process. Please remember, however, your lender is under no obligation to offer or accept a workout. When you are delinquent on the loan, the default is your responsibility and the lender has the decision whether to offer potential remedies.

Options that may be available to you based on LBS Financial Credit Union’s evaluation and your individual situation include:
  • Loan Modification – for Members who desire to remain in their primary residence. LBS Financial 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.
  • Short Sale – for Members who do not wish to remain in their homes, but would like to sell the house for less than the total amount owed on the loan.
  • Deed-in-Lieu – for Members who do not wish to remain in their homes and cannot sell the home due to mitigating circumstances. Prior approval from LBS Financial is required.
  • Foreclosure – for Members who cannot afford to live in their house and would like assistance.

Financial documents you will need available for discussion with your lender include:
  • A written statement explaining your financial hardship signed by all parties to the loan
  • Verification of all sources of income, including most recent pay stubs and W-2’s.  If self –employed a current profit and loss statement and/or copies of tax returns.
  • Most recent bank statement
  • A written financial statement detailing your income and expenses
  • If you pay your homeowners insurance and/or property taxes yourself please provide a copy of the most recent paid insurance and tax bill.

Getting Started
The most important step is to get help as early as possible. Remember, doing nothing will cause the greatest setback.

Who to Call:

If your mortgage lender is LBS Financial Credit Union:
Call Elizabeth Conrado, Vice President of Residential Lending at 800.527.3328, extension 5271

If your mortgage lender is another institution:
Please contact your lender immediately

For counseling - HUD (Housing and Urban Development) certified housing counselor:

To reach LBS Financial Credit Union by mail:
LBS Financial Credit Union
P.O. Box 4860
Long Beach, CA 90804-0860
Attention: Collections Department

Above all, we are here to help. If you need additional information or guidance after you have tried contacting your lender or the recommended HUD-certified counselor, contact LBS Financial Credit Union at the numbers listed above.


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