We Are Here to Help You
It is critical that you work with us on a resolution for any issues that affect your ability to make timely mortgage payments, whether your challenges are temporary or long term.
The sooner you respond, the more quickly we can determine whether your qualify for assistance.
Options May Be Available
The right option for you depends on your individual circumstances. If you provide all required information and documentation about your situation, we can determine if you qualify for temporary or long term relief, including solutions that may allow you to stay in your home (refinance, repayment, forbearance, or loan modification) or leave your home while avoiding foreclosure (short sale or deed-in-lieu of foreclosure).
| OPTION | OVERVIEW | BENEFIT |
|---|---|---|
| Refinance | Receive a new loan with lower interest rate or other favorable terms | Makes your payment or terms more affordable |
| Reinstatement | Pay the total amount you owe, in a lump sum payment and by a specific date. This may follow a forbearance plan as described below | Allows you to avoid foreclosure by bringing your mortgage current if you can show you have funds that will become available at a specific date in the future. |
| Forbearance Plan | Make reduced mortgage payments or no mortgage payments for a specific period of time | Have time to improve your financial situation and get back on your feet |
| Modification | Receive modified terms of your mortgage to make it more affordable or manageable after successfully making the reduced payment during a “trial period” (i.e., completing a three month trial plan) | Permanently modifies your mortgage so that your payments or terms are more manageable as a permanent solution to a long-term or permanent hardship |
| Partial Claim | Subordinate Lein (FHA Only) | The past due amounts may be placed in a subordinate lien, payable upon payoff of the first mortgage |
| Short Sale | Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth | Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available |
| Deed-in-Lieu of Foreclosure | Transfer the ownership of your property to us | Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available. This is useful when there are no other liens on your property |
We Want to Help
To discuss any of the above options that may be available to you, or to request a Borrower Response Package which must be completed and returned to us along with the aforementioned documents please contact us at (877) 909-9416. In addition you may call the Housing and Urban Development office at (800) 569-4287 or you may click here to find a HUD certified counseling agency.
