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Online Banking

Loan Modification


At Cathay Bank, we understand everyone goes through difficult times in this tough economy, and that’s why we are here to help. We may provide you with options to help avoid foreclosure if you have concerns about making your monthly mortgage payments on time. Call us today and our team members will have solutions that may be right for you.

Contact us right away so we can assist you with your loan. Please call our Special Assets Department at 1-888-868-8896 between 9 a.m. to 5 p.m., Monday through Friday, to discuss your options.
 
Please provide the required items listed below under Mortgage Modification Checklist to be considered for a modification:
 

Mortgage Modification Checklist


1. Letter explaining the reason for modification requests and the payment terms you are proposing.
 
2. IRS Form 4506T (Request for Transcript of Tax Return) – Each borrower must complete, sign and date this form. Borrowers who filed their tax returns jointly can send 1 form signed and dated by both filers(Click Here)
 
3. The enclosed Individual Financial Statement – All borrowers must complete and sign this form(Click Here)
 
4. Completed copies of the 2 most recently filed Federal Tax Returns.
 
5. Summary of monthly expenses (e.g. utilities, credit cards, car payments).
 
6. Copies of documents verifying the income of each borrower, including any Social Security or disability payments, if applicable. The documents should include:
 
 
  For all borrowers
  -   Your 3 most recent personal checking, savings, money market, mutual fund, stock and bond statements; send all statement pages, even if they’re blank
  -   Your current property tax statement: send all statement pages, even if they’re blank
  -   Your Homeowner’s Insurance Policy Declaration page
 
For each borrower who is a salaried employee
  -   Your 3 most recent months pay stubs with year-to-date earnings
 
For each borrower who is self-employed or an independent contractor
  -   Your most recent quarterly or year-to-date Profit & Loss Statement with company name and date: send all statement pages, even if they’re blank
 
For each borrower who has income such as Social Security, disability or death benefits, pension, public assistance or unemployment
  -   Your benefits statement or letter from the provider with the amount, frequency and duration of the benefits; send all pages, even if they’re blank
  -   Your 2 most recent bank statements showing receipt of payment; send all statement pages, even if they’re blank
 
For each borrower who is divorced and/or relying on alimony, child support or separation maintenance as qualifying income
  -   Divorce decree or separation agreement
  -   Legal documents showing the amount, frequency and duration of child support, alimony or separation maintenance income if you would like us to consider it as qualifying income
  -   Your 2 most recent bank statements showing receipt of the payment; send all statement pages, even if they’re blank
  -   Please note: You are not required to disclose child support, alimony or separation maintenance income, unless you want us to consider it as qualifying income.
 
IMPORTANT:
  •   Please don’t send us the originals of your financial documents (e.g., statements and pay stubs). Keep them for your records. We just need copies of this information.
  •   We must receive the originals of the IRS Form 4506T (Request for Transcript of Tax Return).
You may fax or mail the documents to:

Special Assets
Cathay Bank
9650 Flair Drive (M/C 23-4-A)
El Monte, CA 91731

Fax: (626) 579-1018
 
Once all the necessary documents are received, we will carefully review and perform an analysis of your current financial situation to determine if you qualify for a modification. Whether you qualify or not, we will notify you of the result in writing within 30 days from the receipt of all the documents.
 
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is Bureau of Consumer Financial Protection, 1700 G Street NW., Washington, DC 20006.
 
Counseling is also available through a variety of nonprofit organizations experienced in homeownership counseling and approved by the Secretary of Housing and Urban Development (HUD). A listing of such organizations may be obtained by calling HUD’s toll free number (800)569-4287. Assistance is free of charge to speak to HUD-approved housing counselors.
 
If you are a member of the U.S. Armed Forces on “active duty” or “active service,” a spouse, or a dependent of such a member, you may be entitled to certain legal protections and debt relief pursuant to the Servicemembers Civil Relief Act. Please check the attached notice for further information. (Click Here)
 
At Cathay Bank, we value you as a customer and want to ensure your continued satisfaction.
 
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1-800-9CATHAY

(1-800-922-8429)

Customer service: 6:00 a.m. - 6:00 p.m. Pacific Time, Monday through Friday.

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