Having trouble paying for your monthly mortgage?
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If you cannot afford your monthly mortgage payments and wish to avoid
foreclosure, you may be eligible for a loan “workout” or modification.
We determine eligibility for a loan workout on single family owner
occupied loans (1 to 4 units) on a case-by-case basis. Among other
things, we will consider the value of your property and your ability (based
on your current income) to make monthly mortgage payments in
accordance with the workout.
We have several workout options that may
be available to you. These may include a Repayment Plan,
Forbearance Agreement, or Loan Modification. If
you are interested in exploring any of the options, you will need to
provide us with certain financial information, including the following:
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- A written statement explaining the cause of your financial hardship and request for a loan workout.
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- Copy of the 2 most recent pay stubs indicating year-to-date earnings.
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- Copy of the most recent filed and signed Federal Tax Returns with all schedules.
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- Copies of your last 2 months of bank statements, all your checking (personal and business), savings, retirement and/or investment accounts.
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- If you are self-employed or own rental property, please provide copies of your most recent filed tax return and signed (for both personal and business). If your taxes have not been filed for the last year, you will need to provide an “audited” profit and loss statement.
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- If you own other properties, you will need to provide a schedule of all your owned real estate including a copy of the current month’s rent roll and property operating statement for each property.
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- Please note that additional documents may be required. If you have other types of income or have questions about the documentation required, please contact us.
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If you would like to discuss your options to avoid foreclosure with us, please call us at (877) 392-6868.
To fax a financial hardship letter and request for a loan workout our fax number is (626) 242-9570 or mail to East West Bank 9300 Flair Dr. 5th Floor, El Monte, CA 91731.
You may also contact the Department of Housing and Urban Development (HUD) to find a HUD certified housing counseling agency by calling (800) 569-4287. Additional information is made available by HUD on its website at http://www.hud.gov.
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Although you requested a loan workout, we must continue with our collection efforts. Once we receive all of the financial information requested, we will contact you to discuss available options.
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