Mortgage payment information for those who lost homes in the fires

  • How long do I have to pay off my loan if the collateral was destroyed?
    • Generally, you have up to 24 months to complete the rebuilding process or pay your loan off.  You must continue to make your loan payments during this time. Please contact us at 1 (800) 479-7928 if you have additional questions.
  • I need a payoff letter for my mortgage loan sent to my insurance company – how do I get that?
    • Please contact RCU at 1 (800) 479-7928 option 3, then 6 for assistance. Please note, it may take up to 48 hours to obtain your payoff letter.
  • Can I use insurance funds as a down payment on a new purchase (when existing home burned down)?
    • Once your existing mortgage loan is paid in full, this may be an option – we recommend you consult your accountant.
  • Do I have to pay off my existing loan if I do not want to rebuild?
    • Yes - if you are not planning on rebuilding you will need to pay off your first mortgage and second mortgage (if applicable).
    • If you do not wish to rebuild, you can pay off your loan and sell your land.
  • I deferred payments on my RCU loans, what happens next?
    • Deferment means payments were delayed, not waived. Deferment terms vary depending on your loan type. Please contact our Financial Assistance team at (707) 576-5294 for guidance.
  • How will deferring payments affect my credit score?
    • Deferred payments as a result of the fires will not affect your credit score.
  • Does my loan still accrue interest with the payment deferments?
    • Yes, interest continues to accrue on your loan during the deferral period.