Educational Video Series Payment Assistance Options

Educational Video Series Payment Assistance Options

In this educational video, we want to review the options that are available to you if you are experiencing a financial hardship. We understand that dealing with a financial hardship can be a very troubling and emotional time. Personal financial issues can cause some borrowers to have difficulty making their monthly mortgage payment on time, and in some cases borrowers may face the unfortunate circumstance of losing their home to foreclosure.

Unexpected life events can make it difficult to make your monthly mortgage payment. We want you to know that we are here to help. Paying your mortgage on time is critical to being a successful homeowner. Delinquent payments can negatively affect your credit score and put you at risk of foreclosure. We understand how stressful this can be. If this describes the situation that you are in, please know that we are here to help.

In this video, you are going to learn about the different loss mitigation options that may be available to you. The right loss mitigation 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, such as a repayment plan, temporary forbearance plan, or loan modification, or leave your home while avoiding foreclosure, such as a short sale or deed-in-lieu of foreclosure.

Let's briefly review each of the solutions.

Repayment plans work best for borrowers who have missed one or more payments due to an unexpected expense, but otherwise have a steady source of income that allows them to make their future payments in full and on time. A repayment plan allows you to take the amount you are behind on your mortgage, including any late payment fees and penalties, and pay it off a little at a time, by increasing your monthly mortgage payment in small amounts.

Temporary forbearance plans work best for borrowers who have recently faced or are facing unexpected hardships such as unemployment, divorce, death, disaster, or disability. This option may reduce or suspend your mortgage payment for a specific period of time to allow you to recover from this hardship to resolve loss of employment or make better use of your resources allowing you to pursue a permanent hardship solution.

A loan modification adjusts the terms of your mortgage, such as your interest rate or term, in order to bring the loan current, and if possible, reduce your monthly payment.

In a short sale, you sell your home for less than the amount you still owe on your loan. For example, if your unpaid principal balance is $185,000, a short sale would allow you to sell your home for less than the amount owed. There may be solutions that will allow you to complete the short sale without having to pay the difference between what you sold the home for and what you still owe on the mortgage.

If you are unable to sell your home, there is also an option to deed the property back to the mortgage insurer and/or investor. This is called a deed-in-lieu of foreclosure.

All of the loss mitigation options you have just heard about are designed to help you avoid foreclosure. Your eligibility will depend on your current financial situation, your payment history, your type of mortgage insurance, and investor rules governing your loan.

The most important step is to contact us as soon as you can. Even if you have not fallen behind on your payments, but are facing financial difficulties, it is never too early to reach out.

To apply for loss mitigation assistance, access our loss mitigation portal online and complete the easy registration process. You will then be able to download the loss mitigation application and upload the required documentation needed throughout all stages of the loss mitigation process. The status of your application will be communicated to you by your loss mitigation point-of-contact through traditional methods, such as phone and mail, but you can also opt to receive real-time notifications via email or text directly from the loss mitigation portal when they become available. The loss mitigation portal can be accessed from our mortgage servicing website as well as directly at the address shown.

If you do not have internet access, you may still request loss mitigation assistance by calling us, emailing us, or mailing-in a written request to the Loss Mitigation Department.

Remember, we are here to help. So, if you ever have a question about your mortgage loan, please contact us directly for support. We are available to discuss your unique situation, and together, we can identify the option that can put you on the path to financial recovery.

Thank you for being a valued customer.

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