Mortgage Assistance Programs

Learn about the programs we offer to help you through your mortgage and home equity loan hardship.

We're here to help you.

We’ll work with you to understand the issues affecting your ability to pay. From there, we can explore what assistance may be available to you and if you qualify for assistance.

Please review our mortgage assistance options detailed below. If you need assistance, please contact us at 1-800-724-1633 and we will review assistance options with you. Information regarding your monthly income and recurring expenses (e.g. utilities, tuition, auto loans, credit cards, food and insurance) may be needed for us to determine which option may be appropriate for your situation. Please have the above information available when you contact us.

Impacted by a Disaster? Click here for more information on Disaster Assistance.

Consider the Options

Your eligibility for certain workout options will depend on your financial situation and the guidelines of your investor. Investors are government-sponsored entities like Fannie Mae/Freddie Mac (GSE) or government agencies like FHA/VA/USDA that provide funds to back your mortgage or home equity loan. Home equity loans are M&T loans and not backed by GSE or FHA/VA/USDA.

We’ll review those options with you to determine which works best for your situation.

Options to Keep Your Home

How it Works

This plan spreads your past due payments and fees over a pre-defined period of time. The past due payments & fees are divided equally and added to your regular monthly mortgage payment to help you bring your account current.

Benefits

• Brings your account up to date within a specified time-frame
• You can spread the past due payments over a period of time

Things to Keep in Mind

The monthly payments will be temporarily higher than your current payment. You may be required to make an initial down payment.

How will this plan impact my loan and credit reporting?

• Monthly Payment: Your payments will temporarily increase.
  
• Interest Rate: No change.
• Credit Reporting Impacts: Credit scoring companies generally consider Repayment Plans an increased credit risk. As a result, entering into a Repayment Plan may adversely affect your credit score, particularly if you are current on your mortgage or otherwise have a good credit score. However, a foreclosure would have a more negative impact to your credit score. We will continue to report the delinquency past-due loan status to the credit reporting agencies.

How it Works

This plan allows you to temporarily pause or reduce payments over a period of time. This is not a deferral of the payments.

Benefits

Gives you time to resolve your hardship and improve or stabilize your financial situation.

Things to Keep in Mind

The total past due amount will need to be re-paid at the end of the forbearance period. If you are not able to pay the past due amount, you may be able to apply for a Repayment Plan or Loan Modification.

How will this plan impact my loan and credit reporting?

• Monthly Payment: Your payments will be temporarily reduced or paused.
  
• Interest Rate: No change.
• Credit Reporting Impacts: Credit scoring companies generally consider a Forbearance Plan an increased credit risk. As a result, entering into a Forbearance Plan may adversely affect your credit score, particularly if you are current on your mortgage or otherwise have a good credit score. However, a foreclosure would have a more negative impact to your credit score. We will continue to report the delinquency status of your loan to the credit reporting agencies.

How it Works

A loan modification is a permanent restructuring of your mortgage/home equity loan where one or more of the terms of your loan may be changed to bring your account current.

Some examples may include:

• Reducing the interest rate
• Converting the interest rate from a variable to a fixed rate
• Extending the length of the loan term

Benefits

Allows you to continue to own your home and provides a permanent solution to your existing hardship.

Things to Keep in Mind

• A trial payment plan may be required to prove you can afford a loan modification
• Not all modifications result in a lower payment or interest rate
• In order to move forward with a modification, the title must be free and clear of all liens and judgements

How will this plan impact my loan and credit reporting?

• Monthly Payment: Your payments may permanently change based on your specific situation.
• Interest Rate: This could increase, stay the same, or decrease depending on your unique situation. Also, your term may extend.
• Credit Reporting Impacts: Typically with a loan modification, you must first enter into a Trial Period Plan (TPP) to prove you are capable of permanently modifying your mortgage payments. If you do need to enter into a TPP, we will continue to report the delinquency status of your loan to the credit reporting agencies, as well as your entry into a TPP in accordance with applicable law. If your loan is then permanently modified, your account will be updated with the credit reporting agencies to reflect the modification. If the loan is not modified, the TPP notation that was reported to the credit reporting agencies will be removed. A TPP and loan modification may result in your credit score being adversely affected. For more information about your credit score, visit ConsumerFinance.gov.