Having Trouble Paying your Mortgage? Facing Financial Hardship? We May Be Able To Help
There are Alternatives to Foreclosure
The sooner you call us, the more likely we can help you find such an alternative.
You should make every effort to keep your mortgage current. But if you can't make your mortgage payments for reasons beyond your control, we want to talk to you about alternatives to foreclosure.
Are Your Problems Temporary?
If so, some of the options for which you may qualify are:
Reinstatement. This is the payment of the total amount past due and any other charges identified in your loan agreement in a lump sum by a specific date.
Forbearance Plan. We may be able to allow you to reduce or suspend your payments for a short time and then bring your loan current. This plan is especially useful when you know you will have enough money to bring the loan current later (such as a tax refund or insurance settlement).
Repayment Plan. This is a special arrangement to make your regular monthly payments with a part of any past due payments and charges each month until you are caught up.
Are Your Problems Long-term? Is it Unlikely You Will Be Able to Bring the Loan Current?
If so, there may still be alternatives for which you may qualify.
Modification. Perhaps you can make your regular payments on your loan, but don't have enough money to bring your account current. Perhaps or you can't afford your current payment at all. A modification permanently changes the terms of your loan to make it more affordable. These changes might involve adding any missed payments to the loan balance, changing the interest rate or extending the number of years you have to repay the loan.
Sale of Property. You might put the property on the market and pay off the mortgage loan from closing proceeds.
Refinance. Even if you do not qualify for a loan modification with us, you may be able to obtain a new loan from another lender and pay off this loan.
Deed in Lieu of Foreclosure. We may be willing to accept a deed to the property in full satisfaction of your loan.
To Start Our Review, We Need Information and Documentation. You Should Have the Following Information Ready When You Call:
Your loan account number.
A brief explanation of your circumstances.
Your recent income documents: pay stubs, benefit statements from Social Security, disability, unemployment, retirement, public assistance, or any other source of funds you want us to consider.
Tax returns for the last two years.
A list of household expenses, including the payments due now and in the future on your other credit obligations..
Approval of any alternative is subject to all of the following:
Confirmation of your immediate and future ability to make payments.
The value and condition of the property which is security for the loan.
A review of your financial condition and reasons for delinquency.
Our ability to obtain subordination of other obligations secured by the property which is security for the loan.
How to Contact us
Please call us at 800-544-8011 ex 209. This is a toll-free number. We will conduct an interview to determine your circumstances and explore options that may be available to you. Please don't delay. The sooner you call, the more likely we can find an alternative for you.
The U.S. Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country that can provide advice and guidance regarding defaults, foreclosures, credit issues and alternatives to you. You can find a HUD counselor in your area by calling HUD toll-free at (800) 569-4287.
Important note: If you are currently protected by the filing of a petition in bankruptcy or have been discharged in bankruptcy, this summary is for information purposes only and should not be considered as an attempt to collect the debt from you personally.