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If you’ve experienced a financial hardship that has affected your ability to make your monthly residential mortgage payment, knowing what you can do and where to turn for assistance may help you avoid foreclosure and keep your home.
You might qualify for certain alternatives such as a repayment plan, a modification of the loan term, a pre-foreclosure sale, or a deed-in-lieu of foreclosure. A pre-foreclosure sale allows you to sell your home and use the net proceeds to satisfy your mortgage debt even though the proceeds are less than what you owe. A deed-in-lieu of foreclosure will convey your interest in your home to us to satisfy your mortgage debt. To learn more about your options, please contact us at 800-760-2265.
At the time you contact us, please be prepared to discuss your monthly income and expenses by having the following information available:
- Completed Borrower Financial Statement
- A breakdown of your monthly expenses, e.g., car payment, utilities, etc.
- Copy of the most recent pay stub(s) with year-to-date earnings for all liable parties
- Copy of the most recent bank statement(s)
Additional counseling resources are available through Housing and Urban Development (HUD), online or by calling 800-569-4287. Additional online resources available through HUD are "Tips for Avoiding Foreclosure" and a brochure on "How to Avoid Foreclosure". |
