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Avoiding Foreclosure

If you are finding it more and more difficult to make payments and stay current on your existing SAFE home loan, home equity loan, or home equity line of credit, there are options available to you. Let SAFE work with you to help you avoid foreclosure and keep you where you belong — in your home.

Step 1: Gather Your Information

Before meeting with a SAFE Representative, gather documents and information that will help determine the options available to you. Documents needed include:

Most recent paystub and W-2.
If self-employed, please provide your most recent tax return and income statement.
If unemployed, provide copies of your unemployment benefits statements.

Recent mortgage statements on any other mortgage you may have on the property
Written explanation of your current hardship
Complete FNMA 710 form and list all your monthly obligations, including loans, credit cards, utilities, etc.

Step 2: Review Your Options

During your appointment, we will review your information and present options that will help you avoid foreclosure. Options available depend on your current financial situation and may include:

  • Making payment arrangements.
  • Refinancing the loan.
  • Modifying the existing loan.
  • Learn more about our Comprehensive Mortgage Loan Modification Program.
  • Contacting "Keep Your Home California" to see if you are eligible to receive federal funds. (See details below.)
  • Consolidating debt to lower payments.
  • Contacting a HUD-certified counseling service or an attorney.
  • Arranging for sale of property, which could involve a "short sale" if you owe more than the current market value of your home.
  • Assigning the property over to SAFE (deed in lieu of foreclosure).

Step 3: Contact a Resource for Assistance

Keep Your Home California (KYHC)

KYHC offers Unemployment Mortgage Assistance, Mortgage Reinstatement Assistance, Principal Reduction, and Transition Assistance programs designed to address one or more aspects of the current housing crisis. These programs are designed to:

  • Help low- and moderate-income homeowners retain their homes if they have suffered a financial hardship such as unemployment; have experienced a change in household circumstances such as death, illness or disability; are subject to a recent upcoming increase in their monthly mortgage payment; or are at risk of default because of an economic hardship coupled with severe decline in their home’s value.
  • Create a simple, effective way to obtain federal funds to assist low- and moderate-income homeowners who meet one or all of the objective criteria described above.
  • Make an immediate, direct economic and social impact on low- and moderate-income homeowners and their neighborhoods.

To determine eligibility, please contact Keep Your Home California at (888) 954-KEEP (954-5337) or visit .

SAFE Mortgage Modification

To schedule an appointment with SAFE's Mortgage Portfolio Retention Administrator, call (916) 971-2836 or (800) SEE-SAFE, extension 2836.

You may also contact SAFE by mail or by fax regarding modification options.

Send your inquiry to:
SAFE Credit Union
Attn: Mortgage Modifications
2295 Iron Point Road, Suite 100
Folsom CA 95630-8765

Or, fax your inquiry to:
(916) 971-6440
Attn: Mortgage Modifications

Please be sure to include your loan number and last name when submitting your inquiry.

U.S. Department of Housing and Urban Development (HUD)

To speak to a HUD-certified counseling service, call (800) 569-4287, or visit .

Fannie Mae

For additional information provided by Fannie Mae, visit .

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