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Financial Hardship center

We are committed to help you do better

 

APPLYING FOR ASSISTANCE

We understand that sometimes “life” happens to everyone.  When you apply for assistance, we will:

• Work with you to explore all your options to help you understand which one best suits your situation.

• Work with you to determine the solution that is right for you whether your situation is a temporary hardship (6 months or less) or a permanent situation.

Start by sending us your information, and a Loss Mitigation Analyst will work with you to explain all options. 

This process is the same whether you have a mortgage, credit card, auto loan, or any type of loan with PenFed. Our goal is to help you get back on your feet. 

 

 

 

TYPES OF HELP

We can help with a variety of workout options depending on the type of loan you have, from deferring payments, a forbearance agreement, a repayment plan, or even a modification. 

If you have a mortgage and are unable to stay in the home, we may be able to work with you on a short sale or deed in lieu of foreclosure.

If you are seeking assistance on a mortgage and the loan has been sold to a Government Sponsored Enterprise (GSE), such as Fannie Mae or Freddie Mac, we will follow their guidelines for assistance. To find out if your loan is owned by a GSE and for a complete list of their workout options, follow this link to see if your loan is owned by Fannie Mae: https://www.knowyouroptions.com/loanlookup or this link to see if your loan is owned by Freddie Mac: https://ww3.freddiemac.com/loanlookup/

 

 

STEPS TO APPLY

We’ll work with you to tailor the assistance that is best for your situation.

GSE Hardship Application

Use this application if your loan is for a mortgage and it is owned by Fannie Mae or Freddie Mac

Gather your information

To get started, please complete the appropriate application above based on your hardship. The Hardship Application will list the documents required for each type of hardship (also included at the bottom of this page). Please gather all of the documents at the time you are submitting the Hardship Application so you can submit the documents at the time of the application. A complete application package will help speed up the review and decision process. Fill out the Hardship Application above to get started!
Send us your documents

When you've completed your documents, choose the best delivery option for you. Our preferred method is to fax the documents to the Loss Mitigation Department at 866-298-2635 or 703-633-7092 (local).
We’ll review and provide options

Within 5 business days of receiving your Hardship Application, we will review the application and the documents received and let you know if there are additional documents needed to complete the review. Once your request is complete, your Loss Mitigation Analyst has 30 days to render a decision. Once the evaluation is complete, a phone call, as well as an evaluation notice, will be provided to explain all options so you can decide what's right for you.
Let us know your decision

After we provide your eligible options, usually you’ll have 14 days to let us know which option is best for you.
Review next steps

Your Loss Mitigation Analyst will follow up with you about the option you’ve selected and will help guide you through the next steps.

DOCUMENTS YOU NEED

If you have any questions about collecting and/or completing your documents, please call us at 1-800-247-5626 (Request to speak with Loss Mitigation). To begin your request for assistance, you will need to provide certain documents.  This is a list of the initial documentation required.  Additional information may be requested by PenFed in order to complete the request depending on the hardship:

VERIFICATION OF INCOME

Gross (pre-tax) wages, salaries and overtime pay, commissions, tips, and bonuses

Self-employment income

Unemployment benefit income

Taxable Social Security, pension, disability, death benefits, adoption assistance, housing allowance, and other public assistance

Non-taxable Social Security or disability income

Rental income (rents received, less expenses other than mortgage expense)

Investment or insurance income

Other sources of income not listed above

DOCUMENTATION OF HARDSHIP

Unemployment

Reduction of Income: a hardship that has caused a decrease in your income due to circumstances outside your control

Long-term or Permanent Disability; or serious illness of a Member/ co-Member or dependent family member

Death of a family member or wage earner in the household

Divorce or Legal Separation

Business Failure

Disaster (natural or man-made) impacting the property or borrower’s place of employment

Distant employment transfer/relocation

Other: Hardship that is not covered above

 

Government Programs & Advice

 

Consumer Finance.gov

If you would like mortgage counseling or assistance, you can find a list of counselors in your area on
 http://www.consumerfinance.gov/mortgagehelp/.

 

HUD

The U.S. Department of Housing and Urban Development (HUD) sponsors non-profit housing counseling agencies throughout the country that can provide advice on defaults, foreclosures, credit issues and other housing topics. Please contact HUD at (800) 569-4287 or visit their website at https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

 

SCRA 

The Servicemembers Civil Relief Act – SCRA is a program that provides certain protections in lending for servicemembers who are called to Active Duty.  If you are a Military Servicemember who is currently on Active Duty or has been on Active Duty within the last 12 months, please contact us at (800) 247-5626 and request to speak with a Loss mitigation Analyst.  To verify your status on the Official SCRA Website please visit https://scra.dmdc.osd.mil/scra/#/home .

 

 

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