Homeowners Assistance

This is important information regarding options that may be available to you in regards to your loan. You may qualify for one of the options listed below.
  • If you are having difficulty making your payments and would like to remain in your home, the following retention options may be able to assist you in doing so while avoiding foreclosure.
    1. Modification: A permanent change to your existing mortgage note. This may include the capitalization of the delinquent balance of the loan if applicable, a reduction of your current interest rate or an extension of the term of your present note.
    2. Forbearance: A temporary reduction or suspension of your monthly mortgage obligation. This is designed to help borrowers whose hardship is temporary, such as short term disability or unemployment.
    3. Repayment Plan: A scheduled payment arrangement that results in bringing your loan current at its conclusion.
  • To expedite your review please begin to gather the following documents we will need to decision your loan for any of the retention options listed above.
    • Most recent year's Tax Returns
    • Paystubs for last 60 days
    • Other pertinent income documents if applicable (Social Security awards letter, pension, current P&L statement)
    • Last 3 months bank statements (All pages)
    • Other documentation showing hardship
  • If you can no longer afford to stay in your home or have vacated your property, these options may help you avoid foreclosure.
    1. Short Sale: The sale of your current property for an amount less than what is currently owed on the property.
    2. Deed in Lieu: An agreement to deed the property back to the bank in an effort to avoid foreclosure in exchange for the discharge of the debt.
    3. Deed for Lease: This is an option for FNMA invested loans only where FNMA will allow the homeowner to stay in the property and pay lease payments or rent payments for up to 12 months. The lease would then vest back to FNMA at end of the 12 month period.
  • To expedite your review please begin to gather the following documents we will need to decision your loan for any of the liquidation options listed above.
    • Most recent 2 Years tax returns
    • Paystubs for last 60 days
    • Other pertinent income documents if applicable (Social Security awards letter, pension, current P&L statement)
    • Last 3 months bank statements (All pages)
    • Other documentation showing hardship
    • If your property is currently listed with a real estate agent, we require a third party authorization form containing the agents name and contact information.
  • In order to complete a Short Sale please be aware of the following requirements:
    • You must cooperate and allow us access to the interior of your property to enable us to determine an appraised value.
    • The sale must be an "Arm's Length Transaction" which means that all parties involved must be unrelated or unaffiliated, including real estate agents.
    • If there is a deficiency, or shortage between how much you still owe and the final proceeds received from the sale of your property, you may be required to make a contribution toward the repayment of any such deficiency. The contribution could be in cash or a promissory note.
    • If the property is sold as a Short Sale you will not be permitted to receive any proceeds from the sale of the property, or to receive funds that may be paid in relation to a hazard/flood insurance claim, unless an agreed and approved incentive was offered by the investor of the mortgage note.

To discuss any of the above options that may be available to you, or to request a Borrower Response Package please contact us at 877.204.1868. Please note, upon receipt of the Borrower Response Package, it must be completed and returned with the required documents within 30 days. In addition you may call the Housing and Urban Development office at 800.569.4287 or you may use the following link to find a HUD certified counseling agency: https://www.hud.gov/offices/hsg/sfh/hcc/fc

**ATTENTION ACTIVE MILITARY MEMBERS**

If the primary or secondary-borrower are active within the United States Armed Forces please go to the link provided below which will outline possible programs and help available by the Service Members Civil Relief Act (SCRA).

https://www.justice.gov/crt/spec_topics/military/scra.php