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OPTIONS TO BORROWERS FOR FORECLOSURE AVOIDANCE


SFPCU is Here to Help You

The SF Police Credit Union recognizes that during these challenging economic times it may be difficult to make ends meet. If you are facing financial difficulties in regards to your mortgage or home equity loan, we encourage you to contact the SFPCU at our toll-free number 1.800.222.1391 or directly at 415.564.3800. We may be able to provide a solid solution to avoid foreclosure. There are several options that may be available to you including*:

  • Loan Modifications
  • Loan Repayment Plans
  • Loan Extensions
  • Refinance

*SFPCU reserves the right, in its sole absolute discretion to allow or disallow any of the foregoing options.


Steps to Take for SFPCU to Consider Your Request for Alternatives to Foreclosure

First Step: Gather Documents

What documents do I need before contacting SFPCU?

In order to assess your financial situation and explore all options available to avoid foreclosure, you will need to gather and be prepared to present to a representative of SFPCU the following documentation. All borrowers who are currently listed on your existing mortgage loan with the SF Police Credit Union should provide these documents. (Please note that providing as many of the following documents as possible will expedite SFPCU’s response).

  • Your most recent pay stub(s), covering a thirty-day period
  • Your last two years’ employer W-2 forms
  • Your hazard insurance and property tax bills (for all property owned)
  • Savings account statements showing three month’s balances  (except SFPCU accounts)
  • A letter of explanation related to your current financial position

If you own rental property, please be prepared to present copies of the following:

  • Your last two years’ personal tax returns, all schedules or
  • Your current rental agreements, for each rental property

If you are self-employed, please be prepared to present the following:

  • A complete copy of your last two years’ federal tax returns, all schedules
  • A year-to-date Profit & Loss Statement, with Balance Sheet
  • A complete copy of your last two years business returns (1065s, 1120S or 1120, if applicable)
  • You’re last two years K-1s (if applicable).

Please note that additional documentation may be needed and requested after our initial review.

Next Step: Call us Today!

Call us today at 1.800.222.1391or 415.564.3800 and have your documents ready to present to a SFPCU representative. SFPCU will work with you to discuss your financial situation and explore options that may be available to you in order to avoid foreclosure.

You may contact us directly or you can designate an agent to act on your behalf. If you wish to designate an agent to speak with SFPCU on your behalf please complete and return the Borrower Designation of Representation form (pdf 26kb) directly to: SFPCU 2550 Irving Street, San Francisco, Ca 94122, and have your designated representative contact us immediately.

Thank you for giving the SF Police Credit Union this opportunity to service your financial needs.


Availability of HUD Counseling

Please note that Housing & Urban Development (HUD) also provides homeownership counseling to members delinquent on their home loan. HUD has designated HUD-certified housing counseling agencies that may be able to assist you. To find a HUD-certified housing counseling agency near you, please call 1.800.569.4287 for assistance.

 You may also want to take advantage of the resources listed below to help avoid foreclosure.


This notice is provided in accordance with California Civ.Code d2923.5(g)(5). Please be advised that SFPCU reserves the right to accept or deny any request for foreclosure avoidance in its sole and absolute discretion. The approval of SFPCU of any option to avoid foreclosure is on a case by case basis and merely calling the SFPCU to discuss possible alternatives to foreclosure does not guarantee that you will be approved.