Riegel Federal Credit Union - Resources - Financial Hardship Center

Facing financial hardship? We're here to help.

Riegel Federal Credit Union has been a staple in our community since 1960, and we continue to be committed to guiding our members toward building a strong financial foundation today so that they can have a better tomorrow. We understand that unexpected financial difficulties can arise, and we are committed to supporting our members during challenging times. We offer various hardship assistance options, including loan modifications, deferrals, and other solutions to help you regain financial stability. We're here to guide you through your options and help you find the best path forward.

What to do if you're facing financial hardship

We understand that financial hardship can feel overwhelming. Here’s what you can do:

Contact Us: Reach out to our Loan Department at 1-800-635-6829 and ask to speak with a Loss Mitigation Specialist or Personal Banker. Our team is here to help you navigate through your options.
Explore State Assistance: Your state may have resources available to help. Additionally, HUD-approved counselors can provide further support.
Download the Hardship Assistance Package: Complete the Hardship Assistance Package to provide the necessary documentation for review and consideration.

How we can help

We offer a range of financial hardship solutions tailored to your unique situation:

Repayment Plans: Restructure your loan for more manageable terms.
Deferred Payments: Postpone your payments for a set period.
Recapitalization Plan: Combine past-due payments into a new loan.
Extensions: Extend the term of your loan to lower monthly payments.
Reduced Payments: Adjust payments based on your current financial situation.
Loan Modification: Modify your loan terms (e.g., interest rate, repayment period).
Deed in Lieu of Foreclosure: Transfer property title to avoid foreclosure.

Fannie Mae customers: Your loan may have additional assistance options. (https://yourhome.fanniemae.com/get-relief)

Steps to apply for financial hardship assistance

Submit Your Application: Fill out the relevant application and provide required documents as specified in your application. A Loss Mitigation Specialist will contact you to begin the process.
Send Your Documents: Submit documents via email, phone, secure portal, or at a branch.
Application Review and Plan: We will review your application within 5 business days and send you a confirmation email. You can expect to hear from us with a decision within 30 days.
Make Your Decision Within 14 Days: Once you've reviewed your options, your completed hardship application will remain valid for 14 days. Please reach out to your Loss Mitigation Specialist within this timeframe to communicate your decision.
Follow-up: A point of contact will guide you through the next steps.

Building Credit for a Stronger Future

At Riegel Federal Credit Union, we understand that a strong credit history is key to achieving long-term financial independence. Whether you're looking to rebuild your credit or establish a solid foundation for the future, we're here to help. We offer a variety of tailored products and services designed to support your credit-building journey and improve your credit score over time.

A healthy credit score opens doors to greater financial opportunities, including securing lower interest rates and better loan terms. It’s an essential step toward milestones like homeownership, and we’re here to guide you every step of the way.

We are also proud to partner with Member First Mortgage, offering expert assistance with your first mortgage or refinancing needs. Whether you're ready to purchase your first home or refinance an existing loan, we are committed to making your homeownership goals a reality. Together, we’ll work to help you build a secure financial future and provide the resources and support you need to make your dream of owning a home come true.

Frequently Asked Questions (FAQ)

Genera Hardship Questions:

Can I get additional cash during a hardship situation? While we aren’t CPAs or tax accountants, our Personal Bankers and Loss Mitigation Specialists are available to meet with you in person to explore available loan products. These options may offer additional cash or adjustments to your loan terms to provide some financial relief.
What are the consequences of missing a payment on my loan? Missing a payment can negatively affect your credit report, lower your credit score, and trigger late fees or collection actions. It’s crucial to contact us as soon as possible to prevent further issues.
Are there other services that may assist me with my finances? Yes! We also offer debt consolidation, financial counseling, and other financial management services. Additionally, we encourage you to explore state financial assistance programs and HUD-certified counseling services for additional support.
What should I do if I cannot make my payments? If you’re unable to make your payments, don’t wait for the situation to worsen. Contact us right away to discuss alternatives like deferring payments, modifying your loan, or exploring other assistance options.
What happens if I default on my RFCU loan? Defaulting on your loan means you’ve missed multiple payments. This can result in collection efforts, negative credit reporting, and possibly repossession or foreclosure. We are committed to working with you to avoid these outcomes through hardship assistance.
What should I do if I miss a payment on my loan? If you miss a payment, contact us immediately. The sooner you reach out, the more we can help. Ignoring missed payments can lead to negative credit reporting, late fees, and more serious consequences.

Application and Documentation:

Why Did I Receive This Application? If you are facing financial hardship or have been notified of missed payments, you may have been sent this application to explore available options to assist you.
How do I apply for hardship? To apply for hardship assistance, complete the Hardship Assistance Package. This will help us assess your situation and find the best solution for you.
Do I need to fill out the entire application? Yes, completing the full application ensures we can assess your situation and recommend the best course of action.
How far back should I go with supplying documents? Provide your most recent pay stubs, bank statements, or other documents that reflect your current financial status.
I am unemployed, what documents do I need to supply? You should provide your unemployment benefits documentation, along with recent bank statements and any other available income sources.
If I have a reduction in income, what documents do I supply? Submit evidence of the income reduction, such as pay stubs, unemployment benefits, or other relevant financial statements.
I am self-employed, what documents do I need to supply? Provide your tax returns, bank statements, and any other documents that verify your income.
My business failed, what documents do I need to supply? You will need to submit your business tax returns, proof of income loss, and any relevant business closure documents.
Where do I send additional documents? You can submit documents via email, our secure borrower portal, or by visiting a branch.

Application and Review Process:

I have completed my hardship application, what is the next step? Our team will review your application and reach out to you with the next steps.
Do I continue to make my payments while my application is being reviewed? What happens if I don’t? It's important to continue making payments if possible to avoid penalties or damage to your credit. If you can't make a payment, please contact us immediately.

Home Loans & Foreclosures:

What Is Foreclosure? Foreclosure is a legal process where your lender takes ownership of your property due to non-payment of your mortgage.
What Are the Consequences of Foreclosure? Foreclosure can severely impact your credit and may result in the loss of your home.
What Happens If I Have Waited Too Long and My Property Has Been Referred to an Attorney for Foreclosure? Should I Still Contact You? Yes, it’s still important to contact us as we may be able to help you explore alternatives like loan modification or a short sale.
Where Can I Find More Information on Foreclosure Prevention? You can visit resources like consumerfinance.gov for detailed guidance.
Will It Cost Money to Get Help? No, the assistance we offer, including foreclosure prevention, is at no additional cost.

Credit Score and Ratings:

Will My Credit Score Be Affected by My Late Payments or Being in Default? Yes, late payments and defaults can negatively affect your credit score.
Will My Credit Score Be Affected If I Accept a Foreclosure Prevention Plan? While your credit score may be impacted, it is generally less severe than foreclosure, which has a long-lasting negative impact.
What happens to my credit report if I have a loan modification? Loan modifications can be reported to credit bureaus, but they are typically seen as a more positive alternative to foreclosure or repossession. We work with you to ensure accurate reporting, and modifications can help prevent severe credit consequences.
Can secured credit cards help rebuild my credit? Yes! Secured credit cards are a great tool for rebuilding credit. You deposit a sum of money as your credit limit, and by making regular, on-time payments, you can improve your credit score over time.

Bankruptcy:

What Do I Do if I Am Filing for Bankruptcy? If you are filing for bankruptcy, your attorney will communicate with us directly. We will not contact you for payments during this time.

Bankruptcy Assistance

If you are experiencing bankruptcy, please know that there are certain laws in place that can assist you. We comply with all state and federal bankruptcy guidelines to help you through this process.

NOTICE: If you are currently entitled to protections under the United States Bankruptcy Code (11 U.S.C. 362; 524) regarding the loan account referenced in this letter, please be advised that THIS IS NOT AN ATTEMPT TO COLLECT OR RECOVER ANY AMOUNTS OWED IN VIOLATION OF THE BANKRUPTCY CODE. This communication is for informational purposes only. Any payments made on a loan discharged in bankruptcy or charged off are voluntary and may be subject to service restrictions by our financial institution.

Government Programs to Help

ConsumerFinance.gov: Find mortgage counseling services in your area at Consumer Finance.gov Mortgage Help.
HUD: The U.S. Department of Housing and Urban Development offers free non-profit housing counseling. Call (800) 569-4287 or visit HUD Housing Counseling.
SCRA: The Service Members Civil Relief Act (SCRA) provides protections for military service members. For more information, visit SCRA Official Website.

Additional Resources

RFCU Skip-A-Pay Program

At Riegel Federal Credit Union, we understand that life can sometimes present unexpected financial challenges. That's why we offer the Skip-A-Pay Program to provide you with some financial relief when you need it most. If you qualify, this program allows you to skip a monthly loan payment, giving you more flexibility and time to manage your finances during tough times.

By participating in the Skip-A-Pay Program, you can temporarily delay your payment without risking penalties or negatively impacting your credit. This can provide breathing room to help you recover from unexpected expenses, medical bills, or other financial burdens. However, keep in mind that interest will continue to accrue on the balance of your loan, and skipping a payment may extend the term of your loan.

Eligibility for the Skip-A-Pay Program varies depending on your loan type and account status. Our team is here to help guide you through the process and answer any questions you may have.

To learn more about the Skip-A-Pay Program or to apply, simply click below to get started. We’re committed to working with you to find solutions that ease your financial burden and help you stay on track toward your financial goals.

Learn more and apply here.

Regulatory Information

Riegel Federal Credit Union is committed to following all state and federal regulations regarding debt collection and consumer protection, including:

Fair Debt Collection Practices Act (FDCPA): Ensures fair treatment and protection against abusive collection practices.
National Credit Union Administration (NCUA) regulations: Sets standards and guidelines to ensure financial stability and consumer protection.
Equal Credit Opportunity Act (ECOA): Prohibits discrimination in lending based on race, color, religion, sex, marital status, age, national origin, or other protected characteristics.
Fair Credit Reporting Act (FCRA): Promotes accuracy, fairness, and privacy of information in the credit reporting system.

For more details, please review our E-Consent Policy and Privacy Policy.

Equal Opportunity Housing Lender: Riegel Federal Credit Union is an equal opportunity housing lender, ensuring access to credit for all members, regardless of background.

We’re Here for You

Facing financial hardship is never easy, but with the right steps, it is possible to find relief and work towards financial recovery. At Riegel Federal Credit Union, we are committed to helping you through this difficult time by offering practical solutions, compassionate guidance, and ongoing support. Our team is here to help you explore every option, take the necessary steps, and ultimately regain the financial stability you deserve.

Remember, you don’t have to go through this alone. Reach out to us today and let us work together to find a way forward.