Home Matters: Helping You Find Solutions

Hard Times Can Happen to Anyone

houseThere are times in life when we struggle to meet our financial obligations. Losing a job, divorce, a death, or a serious illness in the family can all be reasons that lead to financial hardship. This hardship, regardless of what caused it, can spiral out of control -- beginning with late and missed payments and ending with foreclosure of your home. Don't let that happen to you.

Though it can seem overwhelming, RBCU wants you to know that we are here to help. However, viable solutions require you to act quickly. As soon as you think you may be in danger of making a late payment or even missing a payment on your home loan altogether, contact RBCU immediately. There are a number of options available to you. RBCU employees are trained to work with you to try and find a reasonable solution to keep you in your home. We know how much your home matters.


Don't Wait. You Must Act Now.

money and house on see sawRemember, you only have a short time to avoid serious problems with your home loan. As soon as you know you will be making a home loan payment late, and certainly before you have actually missed a home loan payment, choose one of the options below. Your particular circumstances will help determine which one makes the most sense, but please always keep in mind that as hard as it might be to admit financial hardship, it is nothing compared to losing your home.

Ask for help - As easy as this sounds, many of us find it difficult to admit that we need help. Please don't hesitate to contact Brian Drake via email at brian.drake@rbcu.org, or by phone at 612.798.7127 (toll free at 800.967.7228 ext. 7127), or in writing to: RBCU, 345 East 77th St, Richfield, MN 55423, Attn: Brian Drake.

Our goal is to help you find a solution before it becomes too late. Our ability to help you keep your home declines with every missed payment. It is extremely important to address the problem as soon as possible and keep us informed of your situation.

 

  • LSS Financial Counseling Services – RBCU has partnered with LSS Financial Counseling Services, one of the largest providers of financial counseling in Minnesota. This means that as a member of the credit union, you are eligible to receive free financial counseling. All counselors are certified in both credit and housing counseling. This is a completely confidential service and none of the information you provide to LSS Financial Counseling is shared with others -- not even with RBCU.

    To learn more, click on the link above, or contact a counselor toll-free at the dedicated RBCU member number of 800.528.2926.

  • Request a mailing of or print a copy of an RBCU Workout Assistance Form - For your convenience, the form can be partially completed before printing or simply print off a blank form and complete by hand. For more details on this form, or to request to have the form mailed to you, simply contact Brian Drake at 612.798.7127 or toll free at 800.967.7228 ext. 7127.

    Completion of a Workout Assistance Form will help RBCU determine the options that may best suit your unique situation, as well as qualify you for possible Workout Options. You will be requested to provide proof of income, deposit, and retirement account statements. If you are self-employed, you will be required to provide profit and loss statements for the prior six months along with the previous two years fully executed federal tax returns.

Workout Options 

After you've completed an RBCU Workout Assistance Form, you may qualify for a number of Workout Options. However, it is important to understand that the Workout Options available to you may be limited to the type of loan you have.

PLEASE NOTE: The workout process does not waive any remedies available to RBCU under the terms of your Note and Mortgage.

Short-term options:

Loan Modification: We may suspend monthly payments for a pre-determined amount of time, or allow for a portion of the arrears to be added to your remaining principal balance, to bring the loan current.

Repayment Plan: We may allow you to make up missed payments by accepting your regular monthly payment and a portion of the arrears over a pre-determined period of time, to bring the loan current.

Loan Payment Relief: We may reduce your monthly payment amount for a pre-determined amount of time, or advance funds, to help you become current.

 

Long-term options:

Sell Your Home: Contact a local real estate agent to help assess the value and market your home. Use the sales proceeds to payoff your current loan.

Short Sale (Pre-Foreclosure Sale): If the current market value of your home is less than the loan balance, we may be able to accept less than the full amount owed.

Deed in Lieu of Foreclosure: Allows you, upon approval, to deed your property to RBCU as a settlement in lieu of foreclosure.  Your property must be free of all other liens.