Difficulty Making Your Mortgage Payments With Luther Burbank Savings?

For our owner occupied home loan and home equity customers Luther Burbank Savings may be able to help.

If you cannot afford your monthly loan payments and wish to avoid foreclosure, you may be eligible for a loan "workout" or modification. We determine eligibility for loan "workouts" 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 loan payments in accordance with the "workout." Repayment options include, but are not limited to, forbearance or modification of your loan.

If you would like to discuss your options to avoid foreclosure with us, please call the Loan Service Department of Luther Burbank Savings at (888) 606-1824. Our hours are Monday through Friday 8:00 am to 5:00 pm.

If after speaking with our Loan Service Department, you decide to continue with the process, you first need to provide a "Hardship Letter" which explains the help you are requesting, why you're behind on your loan payments, your ability to make future payments, and whether there are junior liens on the property. Should you decide to continue the process, you may need to provide:

  • Completed Financial Statement Form
  • Copy of all borrowers' most recent pay stubs for one month; or if self-employed, the most recent year income tax return and current year-to-date profit and loss statement.
  • If Junior Liens exist on the property (e.g.; a second mortgage or home equity line of credit), provide a copy of the current loan statement from your lender(s) and documentation of any payment arrangement made subsequent to the original loan.
  • Copy of current listing agreement

Sign a 4506T Form so we may verify your tax return information with the Internal Revenue Service.

By offering to review your loan, we are not giving up our right to enforce the original loan agreement. Any collection and/or foreclosure actions, whether currently in process or about to begin, will proceed per the terms of your Deed of Trust. Our agreement to review your loan does not mean that we will approve an alternative arrangement.

You may also contact The Department of Housing and Urban Development (HUD) at (800)569-4287 to find a HUD-certified housing counseling agency. Additional information is made available by HUD on its web site at http://www.hud.gov.