FORECLOSURE

1.    The following are suggestions to consider if you are facing the possibility of foreclosure. There may be options available for you, which can help you avoid foreclosure. Some suggestions are:

1. Do not ignore letters or telephone calls from your lender.
2. Contact your lender immediately.
3. Contact a HUD-approved Counseling Agency toll free at (800) 569-4287 or TTY at (800) 877-8399.
4. If you loan is with AM Federal Credit Union, call us at (310) 638-2934 or toll free at (800) 263-2809
5. Consider the following possibilities if you are delinquent or otherwise in breach of you real estate loan.
1. Pay the amounts past due on your account.
2.  If you are able to make your current monthly payments and some of the past due payments, we may be able to enter into a workout arrangement with you.
3.  Consider selling your property. It is possible that we may accept a short sale payoff. Again, it will depend upon a number of factors and your particular circumstances.
4.  Consider surrendering the property though a Deed in Lieu of Foreclosure. Again, whether this is an option will depend upon a number of factors.
5.  Even if you are unable to make your full payments, please contact us so that we can explore with you any possible accommodations we can make. What , if anything, we can do for you will depend upon a number of factors.
6. Whether you are eligible for any of the above options will depend on your particular circumstances. Please pull together the following documents and information and submit them to us, so that we can discuss which of the options, if any, are available given your particular circumstance. You can fax a copy of the documents you want us to consider to (310)604-8587 or mail them to 101 W. Walnut Street, Gardena, CA 90248.
   1.  Pay stubs for the last two (2) months.
   2.  Tax returns for the last tow (2) years.
   3.  A copy of current bills, invoices, utility bills.
   4.  A letter signed by anyone who is going to contribute to the loan payments.
   5.  A copy of all deposit account statements.
   6.  A list of all debts.
   7.  A list of assets, including other real property, stocks, bonds, IRAs whole life insurance, general, intangible and tangible assets.
   8.  Proof of current insurance on the real property, naming the Credit Union as loss payee.
   9.  A copy of real property tax bills and proof of payments or a written statement listing all real property taxes that have not been paid and when they became due.
   10.  A letter signed by you, explaining why you are unable to make your payments.
   11.  It would be helpful If you would fully complete a FannieMae Loan Application. You can contact us and we will either mail or fax a FannieMae Loan Application to you.

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