Help with Payment Challenges
Our team has years of experience helping borrowers like you get their mortgage back on track.
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Potential Mortgage Assistance Options
Forbearance
What it is?
Most often used in times of temporary hardship, like unemployment, a forbearance plan suspends or reduces your regular monthly mortgage payment for a specific time period.
How it might help?
May help address short-term financial challenges.
May help you avoid foreclosure and mitigate negative credit in the future.
Things to consider:
Although payments may be temporarily suspended, they are not forgiven. Instead, they accrue and become due at the end of the forbearance period.
If your financial hardship continues at the end of the forbearance period, we’ll work with you again to explore available options.
Repayment Plan
What it is?
A repayment plan is typically used if you fell behind on payments due to a temporary hardship, but are now in a better position financially. Missed payments are divided into manageable amounts and spread out over time.
How it might help
It may be less damaging to your credit score than a foreclosure sale.
Avoids longer-term effects by helping you catch up as soon as possible.
Things to consider
Be aware that payments during the repayment period may be much higher than your regular payment amount.
Your income will need to support those payments before starting your plan.
Loan Modification
What it is?
Primarily used for significant, longer-term financial hardships, a loan modification may change certain terms of your loan to help make your payments or terms more manageable. There are multiple loan modification programs – we’ll work with you to determine available options.
How it might help
Helps you keep your home and avoid a foreclosure sale.
Your modified monthly payment may be reduced, depending on your current financial situation and hardship.
May be less damaging to your credit score than a foreclosure sale.
Things to consider
We may be able to postpone a foreclosure sale while we review your information, however, we must receive your documents more than 37 days prior to the scheduled foreclosure sale.
A clear title to the property is required, so you may need to address any additional liens on the property separately from your first mortgage.
Permanent Options That Require Leaving the Home
Short Sale
What it is?
A short sale allows you to sell your home for less than you owe on the mortgage, and may release you from having to repay the remaining mortgage balance. We work closely with you and your real estate agent to determine the value of your home, list price and time needed to sell your property.
How it might help
May help avoid a foreclosure sale, even if that process has already started.
You can stay in your home until the new owner closes, giving you time to make other living arrangements.
You pay no out-of-pocket fees at closing because the transaction covers closing costs and agent fees.
Things to consider
The buyer of your home cannot have a business or personal relationship with you – no friends or family.
You may have to pay the remaining mortgage amount. If you don’t have to pay, there may be tax impacts.
A short sale is a complex transaction with tax and legal implications. Consult a tax advisor.
Deed-in-Lieu
What it is?
A deed in lieu of foreclosure allows you to voluntarily transfer ownership of your home to the lender, and may release you from having to repay the remaining mortgage balance
How it might help
You pay no fees.
May help avoid a foreclosure sale, even if that process has already started.
In most cases, you don’t have to try selling the home yourself before becoming eligible.
Things to consider
You may have to pay the remaining mortgage amount. If you don’t have to pay, there may be tax impacts.
You may need to address any home equity financing or additional liens on the property separately from your first mortgage.
Be sure to consult a tax and/or legal advisor about all possible implications.
THIS COMMUNICATION IS FROM A DEBT COLLECTOR BUT DOES NOT IMPLY THAT FIXNOTES IS ATTEMPTING TO COLLECT MONEY FROM ANYONE WHOSE DEBT HAS BEEN DISCHARGED PURSUANT TO (OR WHO IS UNDER THE PROTECTION OF) THE BANKRUPTCY LAWS OF THE UNITED STATES; IN SUCH INSTANCES, IT IS INTENDED SOLELY FOR INFORMATIONAL PURPOSES AND DOES NOT CONSTITUTE A DEMAND FOR PAYMENT.