Options for Distressed Home Loan Borrowers
If you are unable to make your payments on a Farm Credit Services of Colusa-Glenn loan secured by the home in which you reside, and wish to avoid foreclosure, you may be eligible to apply for a loan restructure, including loan reamortization, loan renewal, deferral of principal or interest, or other actions. Not all loans are eligible and certain exemptions apply. Please contact your loan officer for complete details. Your loan officer may be reached by calling your local branch directly at 530-458-2163 Monday – Friday, 8:00 am – 5:00 p.m. PT. You may also wish to find a HUD-approved Credit Counseling agency by telephone at 800-569-4287. The decision to approve or deny a loan restructure application will be made by Farm Credit Services of Colusa-Glenn in its sole discretion. To apply for a restructure of your loan, please download and complete this restructure application and return it to your loan officer with copies of supporting documentation as requested in the form, including but not limited to the following:
· Current financial statements
· Financial statements for each of the preceding three calendar or fiscal years
· Income and expense statements, certified by an independent accountant, covering the past three calendar or fiscal years. If these are not available, Federal tax returns are acceptable.
· Cash flow projections:
· Monthly projections covering the next 12 month period.
· Quarterly projections covering the following 12 months
· Annual projections covering the following 3 years.
· A list of payments exceeding $10,000 made during the past year
· The amount of withdrawals of any kind that you have made from the business (whether proprietorship, partnership, or corporation) during the past two years