October 10, 2024
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 learn more.
Mortgage Assistance Information and Options
Our team can answer questions about your mortgage and explore offerings based on your individual situation. We can determine if you qualify for assistance and, if so, what that looks like. Options may include:
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.
Forbearance Plan: This program will temporarily reduce or suspend your monthly mortgage payment to allow time for you to improve your financial situation. At the end of the forbearance plan, the total amount will become due, but we will work with you to discuss permanent home retention options.
Loan Modification: A permanent solution that allows you to bring your account current. The existing mortgage term may change based on the type of modification that is approved. This may include a change to the interest rate, maturity date, and/or principal balance. The benefits of a loan modification include (1) the ability to permanently modify the terms of your loan to catch up on any missed payments and (2) a revised payment with terms that are designed to make your loan more affordable at a lower payment amount.
Deferral: A deferral allows you to avoid having to pay your suspended mortgage payments all at once, typically by adding a non-interest-bearing balance at the end of your mortgage, repayable either at loan payoff (for example if you sell your home) or at maturity.
Investor-Specific Streamline Assistance Options: Some investors allow for the review of retention options without submitting documentation. If your loan is eligible for a streamline review, we will discuss the programs offered by the investor of your loan.
A Forbearance may be available to help homeowners who are affected by natural disaster. This type of forbearance suspends payments for three months. Upon request and approval, additional time may be available through an extension at the end of that period. A homeowner’s ability to qualify for forbearance may be impacted by prior delinquency.
Homeowners are not required to make any payments during the forbearance plan period. However, we encourage homeowners to make payments – even partial – if they are able to do so. At the end of the forbearance plan, all suspended payments are due. Should a homeowner be unable to make that payment, there may be options such as loan modification or deferral.
Credit Reporting
For any property located in a federally declared disaster area, negative credit reporting is suppressed to all credit reporting agencies for the duration of the forbearance plan. When the forbearance plan expires, negative credit suppression will continue for an additional 90 days. If at the end of the additional 90 days, the homeowner hasn’t become current or worked out a mortgage assistance option, then the negative credit suppression will expire and credit reporting will resume as normal.
Foreclosure Impacts
No mortgage will be referred to foreclosure or proceed to foreclosure sale during a forbearance plan provided the homeowner complies with the plan terms.
Property Inspections
Periodic inspections of your property may be completed throughout the forbearance period to assess the property condition.
Important Resources
Insurance Processing Center: 866-222-8118 | Claims Online | Disaster Recovery Team: 866-430-9685 | FEMA Disaster Assistance
COVID-19 Assistance Programs
The Homeowners Assistance Fund (HAF) was created by the American Rescue Plan Act of 2021 (ARPA) to provide funds to homeowners facing a financial hardship due to the COVID-19 pandemic. Although HAF is a federal program, it is being administered through all 50 states, the District of Columbia, and 3 territories. The U.S. Department of the Treasury is responsible for the review and approval of each individual state or territory plan. To apply for HAF assistance, you must apply directly through your state’s application process.
Please note some individual state programs have run out of HAF funds. Please visit your state’s HAF website for more details.
For additional information on the program, please go to www.consumerfinance.gov/haf or call (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 assistance options.
If you are unable to stay in your home or if you have already vacated your property, the following options may be available to help you avoid foreclosure:
Selling your home. You may have the ability to sell your home and use the sale proceeds to pay your loan in full and use any remaining equity towards a fresh start. Selling your home may be a viable option in today’s market depending on property values.
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. The benefits of a short sale include:
Deed-in-lieu requires you to transfer ownership of your property to us in exchange for partial or full mortgage forgiveness. The benefits of deed-in-lieu include:
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.
For Colorado homeowners: The Colorado Foreclosure Hotline offers a free, immediate resource to Colorado homeowners. Call now to receive free, in-person counseling from nonprofit, HUD-approved housing counselors. Counselors are available to help homeowners facing foreclosure or attempting to negotiate loan modifications or refinancing from their lender. Since its inception in 2006, four out of five homeowners who have met face-to-face with a housing counselor through the Colorado Foreclosure Hotline have found a successful resolution to their foreclosure situation.
Help is available at 1-877-601-HOPE (4673)
For Connecticut homeowners: The free Foreclosure Hotline is open Monday-Friday 8:00 a.m. to 5:00 p.m. Calls will be returned within two business days. You can also reach the Department of Banking at the following telephone numbers: Toll-free: 1-800-831-7225 and at 860-240-8299.
For Illinois homeowners: The Illinois Attorney General’s Office offers free assistance to homeowners who are struggling to make their mortgage payments or have a dispute with their mortgage servicer or lender. Through our informal dispute resolution program, the Illinois Attorney General’s Office provides information to homeowners on their rights and options and, where possible, helps homeowners obtain loan modifications and resolve disputes relating to their mortgage. The Attorney General’s Office also provides referrals to nonprofit legal aid organizations that may be able to offer additional assistance to homeowners. The Attorney General’s Office also investigates allegations of fraud and predatory lending.
Homeowners should contact the Illinois Attorney General’s Homeowner Helpline at 1-866-544-7151 for more information.
For Iowa homeowners: Iowa Mortgage Help offers Iowans access to free, confidential mortgage counseling with local organizations. When you call, you will be referred to a trained, professional counselor who will listen to your situation and offer assistance and resources that best fit your unique situation. This free service is backed by the Iowa Finance Authority and the Iowa Attorney General’s Office. If you are struggling with your mortgage payment, this free call may help you save your home from foreclosure.
Phone: (877) 622-4866 | Website: IowaMortgageHelp.com
For Nevada homeowners: Home Again is a new program that makes it easier for homeowners in Nevada to determine what state or federal assistance may be available to them with a single “one-stop” free resource. Initiated by the Nevada Attorney General, the “Home Again Nevada Homeowner Relief Program” is designed for:
The no-fee service is available to all Nevadans by calling toll free 1-855-HLP-4-NEV (1-855-457-4638) with both English and Spanish-speaking assistance available. The call center is open 7:00 a.m. – 7:00 p.m. Monday through Friday.
Para asistencia en español llame al 1-855-457-4683 de Lunes a Viernes, de 8 a.m. a 5 p.m.
For New York homeowners: If you are a New York State homeowner struggling to make payments, or in a forbearance agreement, then you should know your options. Help is available through the NYS Office of the Attorney General’s Homeowner Protection Program (HOPP) at no cost to you.
Call the NYS HOPP Toll-Free Hotline at 1-855-HOME-456 (1-855-466-3456) or go to HomeownerHelpNY.org to get connected with a non-profit housing counselor or legal services organization in your area.
Phone: (855) 466-3456 | Website: HomeownerHelpNY.org
For Washington homeowners: Housing counselors and legal assistance may be available at little or no cost to you. If you would like assistance in determining your rights and opportunities to keep your home, you may contact the statewide foreclosure hotline recommended by the Housing Finance Commission.
Phone: (877) 894-4663(HOME) | Website: Homeownership-WA.org
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.