hd_logo1Looking for information on loan modification programs with Bay Federal Credit Union? You’ve definitely come to the right place. Bay Federal Credit Union is relatively lesser known full service, not-for-profit financial cooperative that services mortgage loans. This post can help you stop foreclosure and lower your monthly payments.

It’s advised that you try first contacting your lender prior to engaging outside services, as well as at least touching base with a HUD approved counselor at (800) 569-4287. Again, if your having trouble making your payments and your loan is serviced by Bay Federal Credit Union, please contact Megan Rhodes directly at (831) 477-8689 to discuss your options.

Getting a Bay Federal Credit Union Credit Union loan modification can be a difficult and time intensive process; however, Bay FCU now participates in the Making Home Affordable Program.

How does this increase your chance for getting a loan modification? Well, here’s the scoop on Bay Fed: Bay Federal Credit Union is owned by its account holders, meaning any possible in house loan modification program may have a number of undue complications, hurdles and hoops to jump through on the road to a successful financial solution to high mortgage payments and/or foreclosure. Participating in the Making Home Affordable Program (HAMP) means that any loan modification request with Bay Federal Credit Union will meet the same guidelines and due diligence as many of the other major mortgage servicers, including Wells Fargo and Bank of America!

Most likely if your loan was originated any time over the duration of the last 10 years, you are probably paying too much every month.

Now, traditionally, when homeowners want to lower their mortgage payments and interest rates, they take a look at refinancing, however a loan modification is a much better way to lower interest rates and payments, and can even stop foreclosure. A loan modification with Bay Federal Credit Union does not have nearly the fees of a refinance, and can save homeowners far more money; it’s possible to get a 2% interest rate on a 30 year fixed or 40 year fixed mortgage with a loan modification, which can save homeowners hundreds if not thousands of dollars each and every month.

Items You Will Need When Applying for a Loan Modification

You will need to document all income and expenses. As such, the following documentation is necessary when applying for a Bay Federal Credit Union Loan Modification:

  1. 2 Years Tax Returns
  2. W-2’s
  3. 2 Months Paystubs
  4. 3 Months Bank Statements
  5. Copy of Mortgage Statement(s)

Please note that Bay FCU may require additional documentation when processing your loan modification request.

What to Do When You Call Bay Federal

You can reach the Bay Federal Credit Union Loan Operations Department directly at (831)479-6000 ext. 304. Now, Bay Federal has two different groups of employees that speak with delinquent borrowers, the first of course being the collections department, who will try to get money from you to have you catch up on the amount you are past due. This is not the department you want.

The second group consists of loss mitigation specialists. Modification Zoom has extensive experience working with lender loss mitigation departments and wresting aggressive loan modifications for clients. If you believe you may need help, complete the form to the right or apply here.

Often times, homeowners approach us that have already contacted their mortgage lender, and unfortunately they have presented financial information that makes it impossible to get a loan modification. Truly, if you do not have years of experience handing hundreds or thousands of loan modification files, the time to learn is not on your own foreclosure.

Modification Zoom can help you get a loan modification from Bay Federal Credit Union that will put you in a far better financial situation; we offer a completely free no obligation consultation that can help you qualify for a loan modification, and taking the first step is as simple as gathering the above documentation and completing a contact form on any page of this website.