The sooner you call us, the more likely we can help you find such an alternative. You should make every effort to keep your mortgage current. But if you can't make your mortgage payments for reasons beyond your control, we want to talk to you about alternatives to foreclosure.
If so, some of the options for which you may qualify are:
This is the payment of the total amount past due and any other charges identified in your loan agreement in a lump sum by a specific date.
We may be able to allow you to reduce or suspend your payments for a short time and then bring your loan current. This plan is especially useful when you know you will have enough money to bring the loan current later (such as a tax refund or insurance settlement).
This is a special arrangement to make your regular monthly payments with a part of any past due payments and charges each month until you are caught up.
If so, there may still be alternatives for which you may qualify.
Perhaps you can make your regular payments on your loan, but don't have enough money to bring your account current. Or, perhaps you can't afford your current payment at all. A modification permanently changes the terms of your loan to make it more affordable. These changes might involve adding any missed payments to the loan balance, changing the interest rate or extending the number of years you have to repay the loan.
Sale of Property
You might put the property on the market and pay off the mortgage loan from closing proceeds.
Even if you do not qualify for a loan modification with us, you may be able to obtain a new loan from another lender and pay off this loan.
Please call us toll-free at 800-426-1917. We will start the process to determine your circumstances and explore options that may be available to you. Please don't delay. The sooner you call, the more likely we can find an alternative for you.
The U.S. Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country that can provide advice and guidance regarding defaults, foreclosures, credit issues and alternatives to you. You can find a HUD counselor in your area by calling HUD toll-free at 800-569-4287.
If you are currently protected by the filing of a petition in bankruptcy or have been discharged in bankruptcy, this summary is for information purposes only and should not be considered as an attempt to collect the debt from you personally.