Hardship Assistance Options

Options to Keep Your Home

Forbearance
Forbearance is available if your financial situation is temporary and you will be able to make your mortgage payments within the near future, we may be able to approve a temporary forbearance – either delayed payments or reduced payments, or both – to allow you time to bring the account current.

Repayment Plan
Repayment Plan is available if you can make your regular payment plus an additional amount per month until the loan is brought current. This option may follow a temporary forbearance.

Modification
Modification is available in curing the delinquency by modifying the terms of your mortgage/deed of trust to add a portion of the past due amount to the current unpaid principal balance. Extending the maturity date and adjusting the interest rate may also be considered, when necessary, in order to make the monthly payment affordable.

Claim Advance
Claim Advance is available if your loan has mortgage insurance, you may meet the requirements of the mortgage insurance company for a loan to bring the account current.

Options to Sell Your Home

Short Sale
If you can no longer afford your home and the property’s sales value is not sufficient to pay your loan in full, we may be able to accept less than the full payoff amount as settlement.

Loan Assumption
If you have a qualified buyer who would like to assume your mortgage loan, we may allow this transfer of ownership, even if your mortgage/deed of trust states that the loan is non-assumable.

Deed-in-Lieu
If you have had the property listed for sale at fair market value for 90 days with no activity, we can review the account for a deed-in-lieu. If you qualify, we would agree to accept title to the property by warranty deed as settlement of the account.

Please note: The approval of a hardship option will be based on the information submitted in the Workable Solutions Application.

NOTICE TO ANY RECIPIENT WHO HAS: (A) FILED BANKRUPTCY; OR (B) RECEIVED A DISCHARGE IN BANKRUPTCY. Please be advised that nothing herein constitutes either a demand for payment of the debt or a notice of personal liability to you if you have received a discharge of such debt or if your debt is subject to the automatic stay of section 362 of the Bankruptcy Code.