Real Estate Hardship

Are you having difficulty making your mortgage payments?

We may be able to help you. If you are facing financial difficulties—whether they are short–term or long–term—start exploring your options today. Provided below is a summary of several workout options that may help with your situation.

Option Overview Benefit


Pay the total amount you owe, in a lump sum payment and by a specific date.

Allows you to avoid foreclosure by bringing your mortgage current if you can show you have funds that will become available at a specific date in the future.

Repayment Plan

Pay back your past-due payments together with your regular payments over an extended period of time.

Allows you time to catch up on late payments without having to come up with a lump sum.


Any modification to the terms of a mortgage loan making it more affordable, including changes to the interest rate or loan term.

Permanently modifies your mortgage so that your payments or terms are more manageable as a permanent solution to a long-term or permanent hardship.

Short Sale

Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth.

Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available. This is useful when there are no other liens on your property.

Deed-in-Lieu of Foreclosure

Transfer the ownership of your property to us.

Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available. This is useful when there are no other liens on your property.

Options May Be Available

Contact CommonWealth Central Credit Union and ask us about the options that are available for your specific situation. We can be reached at (800) 564-1588, ext. 3215 or inquire via email at

In order to assist you, we will need to talk with you about your financial situation and what you can reasonably pay on your loan. You may be required to complete a Borrower Response Package which also includes the Borrowers Assistance Form and the IRS Form 4506-T . You will be asked to provide all of these documents in order for us to evaluate your eligibility for workout options.

For further assistance you may want to contact the Department of Housing and Urban Development (“HUD”) by calling the toll-free number (800) 569-4287 or TTY/TDD (800) 877-8339. You may also perform an online search for a HUD approved counseling agencies by visiting the HUD website. The HUD housing counselors can help you understand the law and your options. They can also help you to organize your finances and represent you in negotiations with your lender if you need this assistance. You may find other useful consumer information on foreclosure alternatives on the HUD website at

Another option for free housing counseling is the Homeowners Hope Hotline at (888) 995-HOPE (4673). The Homeowner’s HOPE Hotline provides comprehensive foreclosure assistance and housing counseling services around-the clock, 24 hours a day, 7 days a week, 365 days a year, in over 170 languages.

Error Resolution and Requests for Information

If you believe there has been an error in the servicing of you loan or you wish to submit a qualified information request, please contact our Loan Administrations Department through one of the following options:

  • Call us at (800) 564-1588 ext 3150
  • Send us an email (link to email)
  • Please mail all written correspondence to:
    • CommonWealth Central Credit Union
    • Attention: Loan Administration Department
    • P.O. Box 641690
    • San Jose, CA 95164-1690

In your letter, please include the following information:

  • Your name, property address, and mortgage account number
  • Your address, day time phone number
  • An explanation of why you believe there is an error, or identify the information you are requesting

Upon receipt of your inquiry, we will provide a response within 5 business days. If we are not able to resolve your inquiry within that time frame, CommonWealth will send you a letter informing you that we have received your letter and that we will provide a response within 30 days of receipt of your inquiry. While you are waiting for a response, you should continue making your mortgage payments as scheduled.

Beware Of Foreclosure Scams – Help Is Free

Scam artists are stealing millions of dollars from distressed homeowners by promising immediate relief from foreclosure, or demanding cash for counseling services when HUD-approved counseling agencies provide the same services for FREE. If you receive an offer, information or advice that sounds too good to be true, it probably is. Don't let them take advantage of you, your situation, your house, or your money.

To determine if you are a possible victim of a scam, ask yourself these two questions:

  1. Were you told you had to pay a fee to obtain counseling services?
  2. Were you guaranteed a loan modification or asked to do any of the following:
  • Sign over title to your property
  • Redirect mortgage payments
  • Stop making loan payments

If the answer to any of these questions is “Yes,” then report the possible scam.

Call 1.888.995.HOPE (4673) or report a scam online (with your permission the complaint will be shared with federal and state law enforcement). For more information, please visit: or