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					Single Again (intro)
Separation from a partner often initiates many transitions. As you choose where
to live, how you spend your time and goals for the future, the CREDIT UNION is
here to help you organize your finances around your choices.

These resources will help you through the process of transitioning your CREDIT
UNION accounts. CREDIT UNION representatives are also available to walk you
through the process in person or over the phone as questions arise.



Single Again - What Next (checklist)
Any change in life can take a financial as well as emotional toll on our lives.
These checklists may help you organize your finances.

Single Again – What to do next –After Separation
Separation checklist

At this time, you have many responsibilities and decisions, which need to be
made. The following are suggestions of items that might need attention. You may
need to consult an attorney, financial or tax planner for some issues.



Divorce Decree
   o Make sure you have several copies of your divorce decree to make
      transferring of your assets easier
   o Contact schools or nursery to notify them of child care arrangements:
          o Provide updated contact numbers and addresses
   o Notify and check with employer regarding health or life insurance benefits:
          o Review and make decision on health care benefits
   o Review beneficiaries for 401K/retirement plans
   o Update emergency contacts
   o Make adjustments to Flex program if applicable

Life Insurance:
    o Review beneficiaries on remaining policies for changes

   o Make changes to existing will or trust/create a new will or trust
       o Discuss how to best protect your children and assets with your
           attorney

   o If you will be changing your name contact:
      o Credit union or bank, update accounts & change checks or debit
        card
      o Social Security Administration
      o Employer
      o Update 401K/retirement plans
      o All creditors (mortgage, auto loans, credit cards, etc.)
      o Financial planners/brokers
      o DMV title and driver’s license change
      o Voter registration
      o Doctor/dentist/health insurance providers
      o Health/home/renters/auto insurance companies
      o Club memberships
      o Discount/courtesy/frequent flyer programs
      o Utility companies
      o All legal contracts

o Notify automobile/homeowner/renter’s insurance company:
     o Establish an individual policy

o Contact DMV for title/address changes:
    o To separate ownership you will need to have signatures from all
        current owners
    o If there is an outstanding lien on the vehicle, contact the creditor
    o If you have a change in address, notify DMV so your registration &
        license renewal is properly forwarded

o Notify US Postmaster:
     o If your address/name changes

o Get your finances in order:

      o   Establish a budget on your new income
      o   Consolidate debt
      o   Establish individual credit
      o   Review your financial goals with a financial adviser

o Notify credit unions and banks:
     o Notify institutions and close all joint accounts and open individual
         accounts
     o Review checking account or debit card charges by joint holder
     o Close joint safe deposit boxes and open individual one
     o Review beneficiaries for changes
     o Make changes to automatic withdrawals or deposits on joint
         account prior to closing

o Notify mortgage company or other creditors:
          o Contact the mortgage company to review payment arrangements
            while the assets are divided
          o Determine if you are able to continue to pay the mortgage with one
            salary, if not you may consider selling the home
          o If you will be keeping the home or are responsible for debt, contact
            your creditor to find out options to refinance the loans individually or
            modify an existing loan (you may need a copy of your divorce
            decree)
          o Be sure the deed is transferred to your name
          o Check if accounts have a life insurance benefit that includes a
            premium for former spouse

   o Review & monitor your credit:
       o If you had joint credit, the creditor may not release you from the
           obligation. Watch your credit bureau to see how it may be affecting
           your credit
       o Reviewing your credit bureau is the only way to monitor if your
           former spouse is taking out credit in your name
       o Contact your credit union or other financial adviser to develop a
           plan to establish individual credit

   o If a renter, notify landlord and renter’s insurance company.

   o Notify utility companies:
        o Have accounts put in your name
        o List may include: Gas & Electric, Water, Cable, TV, Phone,
            Garbage collection

   o Notify credit card companies:
        o Close joint accounts & block usage of former spouse
        o Review outstanding charges by former spouse
        o They may need a copy of your divorce decree
        o Establish credit in your name by opening an individual account

   o Tax planning:
        o Talk to your attorney about your filing status and refunds on joint
           filings

Single Again – What to do next – After loosing a loved one
after loosing a loved one, financial checklist

We extend our sympathy with the loss of your loved one. At this time, you have
many responsibilities and decisions, which need to be made, in addition to
funeral arrangements. The following are suggestions of items that might need
attention. You may need to consult an attorney, financial or tax planner for some
issues.
o Gather the family together and discuss funeral arrangements:
     o Make a list of what type of funeral arrangements are to be made,
        creating a budget you can afford
     o Keep in mind what the deceased would have wanted
     o Ask the funeral home for several certified copies of the death
        certificate

o Notify and check with the deceased’s employer regarding:
     o Spousal death benefits, or children’s benefits
     o Retirement benefits due spouse
     o Outstanding vacation payments due
     o Will survivor have continuing medical/dental coverage?
     o Employer will need copy of death certificate

o Life Insurance:
      o Notify insurance policy carrier to activate payment to beneficiaries
          or funeral home
      o Review beneficiaries on remaining policies for changes
      o They will need a certified copy of the death certificate

o Check if a will or trust is in place in the deceased’s name:
    o An attorney’s office usually holds the master copy of the trust
    o The executor of the estate and attorney work together with the
        terms of the trust or will
    o They will need a certified copy of the death certificate

o Notify Social Security Administration Office:
     o Activate survivor’s benefits
     o Cancel Medicare coverage for deceased, if applicable
     o Return benefits paid after death of deceased

o Notify Veterans’ Benefits Office, if applicable:
     o Activate survivor’s benefits
     o They will need a certified copy of the death certificate

o Notify automobile insurance company:
     o Remove deceased’s name from the policy
     o They will need a certified copy of the death certificate

o Notify DMV:
     o This protects from someone using the deceased’s identity
     o They will need a copy of the death certificate
o Notify homeowner’s insurance company:
     o Check is there is a rider on loan for full pay off in the event of death
     o They will need a copy of death certificate

o If a renter, notify landlord and renter’s insurance company.



o Notify credit unions and banks:
     o Notify institutions and remove deceased’s name from accounts &
         block usage of deceased’s debit card
     o Review checking account or debit card charges by deceased
     o Remove deceased’s name from safe deposit box
     o Review beneficiaries for changes
     o Consider having an alternate signature on file for all accounts,
         possibly an adult child or other family member, in the event
         something happens, the money is accessible
     o They will need a certified copy of the death certificate

o Notify mortgage company and any lending institutions:
     o Have deceased’s name removed from accounts
     o Check if accounts have a life insurance benefit that will pay the loan
     o Change the deed to house to survivor’s name and consider adding
         another family member’s name ( you may need assistance from an
         attorney)

o Notify utility companies:
     o Have accounts put in survivor’s name
     o They may need a copy of the death certificate
     o List may include: Gas & Electric, Water, Cable, TV, Phone,
         Garbage collection

o Outstanding personal, automobile, other loans:
     o Notify companies and remove deceased’s name from accounts
     o They will need a copy of death certificate

o Notify credit card companies:
     o Have accounts put in survivor’s name & block usage of deceased’s
         credit card
     o Review charges by deceased
     o They may need a copy of the death certificate

o Business owners:
     o If the deceased was a partner or owner of a business, contact your
        attorney to ensure proper handling of company assets and
        management
   o Cancel magazine subscriptions, book, music or video clubs.

   o Consider updating trust or will for the remaining estate:
       o This should be done as soon as possible to protect your assets

   o Losing a loved one is difficult and moving on often takes longer than you
           expect:
        o Your employer may offer Employee Assistance Programs that can
           provide counseling to help you deal with your loss
        o Talk to your doctor or hospice director about grief support groups




Single Again - Starting New
Getting started is often the most difficult part of starting new. The first step is
often opening a checking account and starting the services that you know you
need for sure. It is easy to add and change services as time moves along. We
enjoy helping members work toward the mix of products and services that best
meet their needs.

Open an account today with the help of a CREDIT UNION member service
representative. Call us at XXXXXXX or email a member representative today to
get started.



Single Again – Starting New - Opening a New Account

       Sub head: Opening a new account

       CREDIT UNION member service representatives are available to assist
you as you open a new account. If you currently have a shared account and wish
to open a new account in your own name, we our member service reps are able
to assist you over the phone or in person. As a current member of CREDIT
UNION, you are able to remain a member for life regardless of what eligibility you
used to join (yours or your partners).

       Tier 2 sub head: Additional Services

      There are several services that may prove useful when opening a new
account:
        Direct Deposit: If you wish to have paychecks, social security payments
        or ongoing payments directly deposited into your account, your account
        number and the credit union routing number XXXXXXXX can be provided
        to the employer or agency that will be depositing the funds
        LINK

        Automatic Payments: If you have automatic payments currently coming
        out of your account and with to have the payments come out of the new
        account you may use the provide the payee with a completed automatic
        payment change form

Single Again – Starting New - New Loans

        Whether you are moving to a new home, need cash for unplanned
        expenses, or would like to consolidate your debt, CREDIT UNION can
        help you through the change.

        Tier 2 sub head: Understanding and building your credit –
        As you make decision about what loan products to utilize it is helpful to
understand how your decisions may impact your credit. Your credit score can
directly impact the interest rate you will pay on virtually any type of loan. Closing
old accounts and opening new accounts will impact your credit score. Review
your credit….XXXXXX

        Tier 2 sub head: Credit Cards

        CREDIT UNION offers several credit card options. Apply now..

        Tier 2 sub head: Line of Credit

       Auto Loan
       CREDIT UNION has numerous resources to help you through the car
buying experience. Auto loans are typically one of the largest monthly expenses
we incur. Call XXXXXX to speak with a loan officer and learn more about the
tools and resources available to you as a CREDIT UNION member. Auto Broker
XXXXX…. Auto Center…. Credit Union Direct Lending…. GAP and MBI….

        Mortgage Services
        Debt Consolidation



Single Again – Starting New - Refinancing Debt
When working to refinance debt that was acquired with a co-borrower, there are a few things to
consider.
        The current debt is the contractual obligation of both borrowers. Regardless of divorce
decree and arrangements between the borrows, if the debt is unpaid, both borrowers are held
responsible.
        Taking a careful look at your credit report, early and often as you start fresh is an
important component of a quick transition. Identifying and watching the shared credit obligations
your credit report will help prevent surprises and often lead to a better credit score. CREDIT
UNION has….to assist you in this process.
        How you time the closing and opening of accounts and significantly impact your credit
score, and as a result the rates you will pay on your debt. Discuss the options with a CREDIT
UNION loan officer as you get ready to establish new loans and services.

        Apply for a new loan
        Contact a CREDIT UNION loan officer

Single Again – Starting New - Changes to Mortgage
(suppress this page for now)

Single Again – Starting New - A new budget
        Link directly to FAQ page

Single Again – Starting New - Financial Plan

        Sub head: Investment and Retirement Services
        If you have shared investments and retirement accounts set up or want to
        plan for your future, you may wish to meet with a CREDIT UNION
        investment advisor for a free consultation regarding your options. Call
        XXXXXXX to set up your appointment with XXXX today.
        (this will need compliance review at every credit union)


Single Again - Existing Shared Accounts

Single Again – Existing Shared Accounts

If you are the primary member on the savings account, we may be able to
remove the joint holder on a regular savings or sub savings account. However,
in many cases it may be beneficial to establish a new account to eliminate
questions of ownership or tax liability. If you are not sure which option is best for
your needs, one of our staff can guide you through ownership questions.

If you are not the primary member you can continue your membership at the
credit union by opening a new account number.

Make changes to a: Checking Account, IRA or Investment Account, Loan or
Mortgage.

Contact Member Services
Open a New Savings Account


Single Again – Existing Shared Accounts - Checking
Checking accounts often have many unknown access options such as checks
that have not yet cleared, automatic deposits or withdrawals, debit card
purchases, and automatic bill payments which may be difficult to define on a joint
account. For this reason during separation or divorce, we recommend opening a
new checking account to simplify the transition. Changes to an account due to
death can often be handled with a removal of a joint holder. Please contact a
credit union staff member for personal assistance on death notifications.

Contact Member Services
Open a Checking Account



Single Again – Existing Shared Accounts – IRA & Investments

        Sub head: Investment and Retirement Services
        If you have shared investments and retirement accounts set up or want to
        plan for your future, you may wish to meet with a CREDIT UNION
        investment advisor for a free consultation regarding your options. Call
        XXXXXXX to set up your appointment with XXXX today.
        (this will need compliance review at every credit union)


Single Again – Existing Shared Accounts - Loans

Making a change to an existing loan does not have to be difficult. The Credit
Union understands that your finances will change as you become single again.
To make the process easier, we have developed a loan modification process that
reduces the paperwork needed to remove a joint applicant so you can
concentrate on what’s important.


Contact Member Services
Apply for a loan




Single Again – Existing Shared Accounts – Changes to Mortgage
(suppress this page for now)

Single Again – Existing Shared Accounts – Address Change Form

If your residence or email address is changing, please complete the change in
address form and mail it to the credit union.
Single Again – Existing Shared Accounts – Change Beneficiary

      If you wish to change the beneficiary on your account, you may do so by
completing a “XXXXX” form and mailing it to the credit union.


      Sub head: Change your Beneficiary
Changing or Adding a beneficiary is easy. Just complete the Beneficiary Change
form and mail to the Credit Union.


Contact Member Services
Change in Beneficiary Form



Single Again – Existing Shared Accounts – Credit Report

        Understanding and building your credit – As you make decision about
what loan products to utilize it is helpful to understand how your decisions may
impact your credit. Your credit score can directly impact the interest rate you will
pay on virtually any type of loan. Closing old accounts and opening new accounts
will impact your credit score. Review your credit….XXXXXX



Single Again – FAQs (intro)

       Link/Sub head: Frequently asked questions after loosing a loved one

Intro: For your convenience, we have listed answered several frequently asked
questions regarding changes members often wish to make to their accounts after
loosing a loved one. Every circumstance is personal and unique, CREDIT
UNION Member Service Representative are available to assist you via email or
phone at 503.546.5000.

Account Information
How do I take a name off an account?
Generally, you will have one of two options. The first is the close the joint
account and open a new account in your name only. The second may depend
upon who is the primary owner of the account. If you are primary, you may be
able to remove the name of the deceased by presenting the death certificate.

Do I have to order new checks?
If you keep the same account, it is not necessary to order new checks.
Obviously, opening a new account will require a new check order.

Will checks written by my loved one prior to his/her death still clear the account?
Yes, these checks will still clear the account.

What happens if a check is issued in both of our names such as a tax check?
Can I cash the check?
If the check is a government check the check will have to be reissued. Any other
type of check will be accepted as long as we have a copy of the death certificate
and the person negotiating the check is the personal representative of the estate.

Do I need a certified copy of a death certificate or can I bring you an original to
make a copy?
You must present a certified copy, but we will be happy to make a copy of it for
our records.

My spouse has direct deposit of Social Security Funds. Those funds were
deposited on 1/5/08 and my spouse passed away 1/2/08. Are we still entitled to
those funds?
By regulation the credit union is required to return the funds if the receiver was
deceased at the time of deposit. If you feel you are entitled to any funds we have
returned, please contact SSA at 1-800-772-1213 and have your spouse’s social
security number available.

My spouse passed away; do I have to put our accounts into just my name?
Yes, for tax reporting all accounts must be in the name of a living person. Estate
account options are also available.

My spouse passed away and had a life insurance policy for $250,000. I want to
deposit those funds. However, funds are only federally insured up to $100,000 at
your financial. What should I do?
There are many options available to ensure all the funds you deposit are insured.
Our branch representative can work with you to set up your account(s) to meet
the insurance requirements.

Our accounts were in my spouse’s name as primary account holder and I am
joint. How long do I have to put these accounts into my name?
Ownership on the account(s) must be made as soon as you have the original
death certificate.

My spouse passed away and had an individual account. My spouse did not list
me as beneficiary. Do I legally have access to those funds?
No, you do not automatically have access to the funds. Your next step is to visit
the courts to get personal representative documents to access the account.
We had a joint share certificate; can I cash in the CD before the maturity date
and without penalty to pay for the funeral costs?
Yes, you can close the savings certificate due to a death with no penalties. We
need a copy of the death certificate.

Loans and Credit
Do I have to make changes to any loans that I have with the credit union?
If you are the spouse, and you were both on the loans then no changes would
need to take place with the loan.

Can I just cut up the credit card that will not be used anymore?
No, for security purposes you would need to close any credit card so that when it
expires it does not get reissued.

What do I do if I can no longer afford the loan payments?
Please visit your nearest branch and speak with a representative to determine
the options available to you.

How do I find out if my loved one has taken out individual credit?
You would need to contact the credit bureau(s) directly.

How do I know if we have a life insurance policy on our loans?
We have the information on the original loan documents. If there is insurance,
we will submitted the appropriate paperwork as soon as we have a copy of the
death certificate.

Other Finance
How do I handle my taxes? Do I file jointly or individually?
Please contact your tax advisor for your best options.


      Link/Sub head: Frequently asked questions after separation or
divorce

Intro: For your convenience, we have listed answered several frequently asked
questions regarding changes members often wish to make to their accounts after
separation or divorce. Every circumstance is personal and unique, CREDIT
UNION Member Service Representative are available to assist you via email or
phone at 503.546.5000.

Account Information
Why do I need to open a new checking account? Can’t I just remove a name
from my account?

When changing a checking account from joint to single we can only protect both
parties by converting to a new checking account. If either party continues to use
the previous joint checking account, the account could be subjected to
unauthorized activity. By changing the checking account number, both parties
will have a fresh start and protect their accounts.

How do I stop my joint owner from taking money out of the account while I am
waiting for the divorce to be final?

It’s important to note that neither party of a joint account can be denied access as
long as they are both listed as account holders on the account. However, you do
have several options available that will prevent a joint owner from having access
to the money in the account.

If you are the primary account holder, you can change the account status from a
joint to a single account. We recommend that you also change the account
number of your savings and checking accounts. When changing the account
status to single , we will close any ATM or Visa Debit Cards assigned to the joint
owner. It is also recommended that you change any Personal Identification
Numbers attached to this account.

If you are not the primary account holder, you may submit a signed request to
have yourself removed from the joint account. The primary account holder will
need to be notified that the joint owner is requesting to be removed because the
draft number will need to be changed if a checking account is involved.

What happens if a check is issued in both of our names such as a tax check?
Can my former spouse cash the check?

Government checks made payable to 2 individuals requires the verified
endorsement of both parties prior to cashing.

      If two payees are on the check and it is being deposited to a joint account
       where both payees match the account ownership, we will verify both
       signature endorsements and make the deposit. However, if any signature
       does not match the account signature card, we will not be able to accept
       the check for deposit.



      If two payees are on the check and it is being deposited into a single
       ownership account where one payee matches the account ownership, the
       non-member payee must be present and must endorse the check "Pay to
       the order of (the member)" in the presence of the Credit Union employee
       (MSR). The MSR will verify a photo ID and signature of the non-member
       payee. The member payee would then endorse below the non-member
       endorsement so the deposit could be made.
Can my joint owner get information on my account?

Account information will only be released to the current account holder(s). You
can elect to password protect your account as an additional measure of security
for identity verification. If you have any Personal Identification Numbers (PIN) on
the account it is recommended that you change them especially if you have
reason to believe that another party has knowledge of the number.

How do I change my name on my account?

In order to change your name on the account a Member Application form or a
written request for the change must be submitted along with proof of name
change (new drivers license, marriage certificate, divorce decree, etc.) The
submitted request must be signed to verify the member has made this request
for name change and to have on record a copy of the new signature.

If I change my name, can I continue to use the checks I have with the old name?

To stave off any problems associated with the new name differing from the old
name on the checks we do not recommend continued use of the old checks.
This name conflict could cause the checks to not be accepted as negotiable
instruments. When you change your name on your Credit Union account we can
issue temporary checks to use until your new check order has been received.

Can I change the address on a joint account during a separation?

Yes, you can use any one of the following methods:

      Submit a signed Change of Address Card in person, by fax, or by mail..
      Through PIN activated Call 24 or CUAcces$$
      By phone.


Can I use my maiden name on my account during our divorce?
As soon as the official name change documents have been received and the
account has been modified to reflect the maiden name, you may then access the
account using the maiden name..

When can I apply for a loan in just my name?

Applying for a loan in just one members name has always been an option as long
as that member is a primary account holder.

Loans and Credit
Can I be notified if my joint owner applies for credit with my name?
You will need to request this through the credit reporting agencies.

What do I need to do to remove a name from my vehicle title?

This can be accomplished with the aid of court records and a Power of Attorney.
Since there could be numerous scenarios surrounding ownership of a vehicle
title, we suggest you contact our Title Department or a Consumer Lending Officer
for specific instructions.


What do I need to do to remove a name from my home?

The designated owner would re-apply as a single applicant to have the loan
modified in order to remove a joint name from the loan. Requirements can
change so we recommend you speak with our Mortgage Dept for full details.


Will my joint owner be able to use our credit cards?

If they are a Joint Owner of the card, they can still use the card as long as it is
open. We advise you reapply for a single account and have the joint account
closed.
If they are an Authorized User, please contact the Credit Union to have them
removed. However unless you retrieve the card they will still be able to charge
items against the card. It would be best to close the existing account and re-
open a new one with a new number.

What do I do if I can no longer afford the loan payments?

Contact our Credit Education Department and set up a confidential meeting to
discuss your debts, spending habits and the goals you wish to accomplish.
If you have already become past due, contact our Special Assistance
Department to advise them of your situation. They can suggest steps for you to
take or they can work out a temporary solution until you get back on your feet.

If I apply for credit before the divorce is final, is my spouse legally
responsible too?

No, your spouse will not be responsible. You would not be making joint
application without his/her consent. The court would go back to the date of
separation to determine who was legally responsible for what debts.

Should I sign the quit claim deed to our home if my spouse is awarded the
home? Or should I wait until it is refinanced into my spouse’s name?
The quit claim deed needs to be signed before the mortgage loan can be
refinanced or modified.

Will my credit rating be affected if my former spouse does not make
payments to loans we have that my former spouse is responsible for?

Yes, as long as your name is on any contract, your credit rating will reflect the
status of that account.

The divorce court says my former spouse is responsible for making certain
loan payments. Can financial institutions still collect from me?

If your name is on the contract, you are still financially and contractually
responsible for the debt.

What can I do? I cannot get approved for any loan as I no longer have my
former spouse’s income to use. With all of the debts being joint, I no
longer qualify for loans with just my income?

You can establish a good credit history if you start slow and with a small amount.
For example, you could take out a $500.00 loan and pay it back in monthly
payments to begin establishing credit in your name.

How long will my divorce take?

That can all depend on how much property, debt, and custody decisions there
are to make. Please consult with your attorney.


Other Finance
How do I handle my taxes? Do I file jointly or individually?

Please consult with your accountant and/or attorney for advice on your tax status
and filing.


My former spouse is currently listed as beneficiary. Where do I start in
changing beneficiary information on my bank accounts and investments?

Contact your local branch or investment office for instructions. Most will need
this change to be documented in writing. As long as you are the primary account
holder it will not involve any additional documentation or court documents.

How should I go about changing a will we setup jointly? Does my former
spouse have to agree with my wishes and vice versa?
Please contact your attorney or the office that contracted your will for advice and
instructions for changing your will.




Single Again – FAQs – Contact us (link)


Single Again – FAQs – building a budget

       Sub head – Building a Budget
Major life events, such as divorce or separation often result in changes to a
personal budget as well. Whether you have built and managed budgets
numerous times or this is your first time, CREDIT UNION provides several free
resources that many of our members have found useful. Access to BALANCE
tools and financial counseling is a free resource available to all CREDIT UNION
members. Visit the BALANCE section of the CREDIT UNION website, or call
XXXXXXX to talk with a BALANCE counselor and get the process started.


BALANCE


Single Again – Useful Links
Single Again - Useful Links - State DMV

Single Again - Useful Links - State Divorce Forms

Single Again - Useful Links - Child Support Calculator

Single Again - Useful Links - Calculators

       Direct Link to Calculators

Remove a Joint Loan Applicant (MODIFICATION)

Intro: Sometimes life throws you a curve
We understand that, and we are here to help. When your life circumstance’s
change, we know that your monthly budget might run into a little trouble and you
might need assistance in helping you separate your financial commitments.
We’ll work with you to make the best of a difficult situation and we’ll do our best
to work out a plan for you to keep your home and maintain the title and mortgage
in your name.

We do this by modifying your existing mortgage to remove a joint owner. By
modifying your mortgage, you can keep the same interest rate, payment amount
and remaining term of the loan.

Contact one of our Mortgage Service Professionals at 800-533-0035 to find out
how you may qualify for a mortgage modification.


What is a Loan Modification?
A loan modification removes a name from the original loan agreement without
changing all of the terms, allowing you to avoid re-qualifying for a new loan. Your
interest rate, payment amount, and length of your loan will stay the same. The
only change is that the credit union will remove the name of a joint holder from
the obligation. After the modification is complete, the loan will no longer appear
on the credit bureau of the individual that was removed.

What you will need to apply for a modification:
  o Copy of your divorce decree

If the loan is secured by a vehicle         If the loan is secured by your home
you will also need:                         you will also need:
    o The original title if your state is a     o A Quit Claim or Warranty Deed
        title-holding state.                        that removes ownership from
    o Release of ownership on the title             your former spouse.
        from spouse that is being
        removed (if titled jointly).
    o If the title cannot be found, you
        can apply for a duplicate at the
        DMV. The title will be reissued
        in the names of all registered
        owners on file at the DMV and
        will still require a release of
        ownership if it is jointly titled.



What you should know:
  o Loans that are applied for jointly are often qualified using the income and
     debts of both applicants.
  o Changes in your marital status do not effect the original loan terms. If
     there are substantial differences in the credit history or income of one of
      the parties, your creditor may choose to require all applicants to remain on
      the loan.
   o Since you are changing ownership to the collateral and the terms of your
      original loan agreement, there are some costs involved.
      Vehicle Loan                               Home Equity Loan
You will pay a title transfer fee of $X   You will pay a recording fee of $X and
and a modification fee of $X to make      a modification fee of $X to make
changes to your loan.                     changes to your loan.



Modification Application Link

				
DOCUMENT INFO
Description: Credit Union Loan Calculator Unpaid Balance document sample