What are my options?

Review options to keep or give up your home?

Options to Keep Your Home

Forbearance

If you know you will have a source of funds to bring the account current by a certain date, you may be eligible to arrange for a temporary reduction or suspension of payments for a specified period of time. After which, another option must be agreed upon to bring the account current.

Repayment Plan

An agreement where you would resume making your regular monthly payments in addition to a portion of the past-due payments.

Modification

If you can make payments on your loan, but you do not have enough money to bring the account current or you cannot afford the total amount of your current payment, we may be able to modify the terms of your original loan to make the payments more affordable. Under certain circumstances, we may be able to reduce your interest rate, extend the term of your loan, or add the delinquent interest amount to the unpaid principal balance. This includes the Making Home Affordable program.

Partial Claim

If your mortgage is insured, you may qualify for an interest-free loan from your mortgage guarantor in order to make your account current.

Request Hardship Assistance

Options to Give Up Your Home

Short Payoff

If the payoff amount of your loan is greater than the fair market value of your property, you may qualify to sell your home for less than what you owe.

Assumption

A qualified buyer may be allowed to assume your mortgage, even if your mortgage states that it is non-assumable.

Deed In Lieu

If you have had your property listed for a period of time with no activity, we may accept title to your property as settlement for the debt.