If you’re experiencing a financial hardship and are unable to make your payments, there are options that may be available to help. Call us at 866-300-8154 to see which option may be available to you based on your individual situation.

Mortgage Assistance May Be Available

We can answer questions about your mortgage and explore options based on your individual hardship. We can determine if you qualify for assistance, including options to stay in your home or leave your home while avoiding foreclosure.

Some of these options may include:

Mortgage Forbearance allows you to defer two to six payments until the earlier of the sale or transfer of your property, the refinancing of your loan, a payoff of the unpaid principal balance of your loan, or your loan’s maturity date. Benefits of a mortgage forbearance include:

• Being able to defer any missed payments and have your loan be considered current (not late on payments).
• The amounts deferred until the end of your loan are not charged any additional interest.

Repayment Plan allows you to pay any past-due amounts over an extended period of time, in addition to your regular monthly payments. This option may be available if you have sufficient income to cover the increased payment amounts. The benefit of this option is it allows you to repay any missed payments in installments without having to make a lump-sum payment.

Loan Modification allows you to make modified payments based on new terms. Successful completion of a three-month trial plan is a prerequisite. Benefits of a loan modification include:

• The ability to permanently modify the terms of your loan to catch up on any missed payments.
• Having a revised payment and terms that are designed to make your loan more affordable at a lower payment amount.

Additionally, some COVID-19 assistance programs may be available:

The Homeowners Assistance Fund (HAF) created by the American Rescue Plan Act of 2021 (ARPA) to help homeowners facing a financial hardship due to the COVID-19 pandemic by providing assistance with mortgage payments, property taxes and other housing costs. See more details about the HAF and other state mortgage assistance resources. Additionally, you can learn more about the HAF program at www.consumerfinance.gov/haf or by calling (800) 569-4287.

USDA COVID-19 program: If you are on an existing USDA COVID-19 forbearance, please call us at 866-300-8154 to end your forbearance or to request an extension. USDA forbearances have a maximum duration of two six-month periods. At the end of your forbearance period you may be eligible to modify the terms of your mortgage to account for any suspended payments.

Learn more about COVID-19 forbearance options.

If you are unable to stay in your home or if you have already vacated your property, these options may be available to help you avoid foreclosure:

Short Sale requires a sale of your property. The proceeds of the sale are used to pay off a portion of your mortgage if the value of your property is less than the outstanding principal balance of your loan. Benefits of a short sale include:

• Any loan balance in excess of the sale proceeds may be forgiven. There may be tax consequences; please contact your tax advisor for more details.
• Relocation funds may be available.
• You can transition out of your home without foreclosure.

Deed-in-lieu requires you to transfer ownership of your property to us in exchange for partial or full mortgage forgiveness. Benefits of deed-in-lieu include:

• If you’re unable to sell your home on your own, this option can help you avoid foreclosure.
• Relocation funds may be available.
• Your loan balance may be forgiven following the transfer of ownership. There may be tax consequences; please contact your tax advisor for more details.

Taking the next step – We’re here to help

Call us at 866-300-8154 to discuss which options may be available to you.

Additional resources

If you are experiencing a financial hardship you may be eligible for mortgage assistance from your state’s housing finance agency or other state or local government agency.

For a list of HUD-approved housing counseling agencies that can provide free foreclosure prevention and debt management information, information on state or local government mortgage assistance programs that may be available as well as translation or other language assistance, contact the U. S. Department of Housing and Urban Development (HUD) at 800-569-4287 or visit the HUD website or the Consumer Financial Protection Bureau (CFPB) at (855) 411-2372 or www.consumerfinance.gov/mortgagehelp for more information.

Beware of mortgage loan modification scams

Scammers often try to take advantage of consumers when they are most vulnerable. To learn more about scammers please visit the Consumer Financial Protection Bureau’s website.