Equity Loan or Mortgage Assistance



Understanding Your Options

If you are struggling to make your equity or mortgage loan payment contact us today to see if we can help. We are in this together. We all face challenges, and working together we may identify options to help you avoid foreclosure.

Here are some possible options (Based upon your individual circumstances and the type of loan you have, some options may not be available to you):

Other sources of payment
Repayment Plan
Modify your loan
Forbearance
Short Sale

Others Sources of Payment

Your checking and savings accounts may not be your only sources for making payments.

You may be able to repay your loan by:

  • Using funds from your 401(k) account (ask your employer about making a “hardship withdrawal”
  • Selling stocks and bonds you may own
  • Requesting the cash value of any life insurance policies

Before you use any of these other sources to pay your loan, please make sure you understand the penalties or tax issues that may result.

Repayment Plan

If you have missed one or more home loan payments, we may be able to create a repayment plan that spreads out the past due amount over several months. That means that each month, you would pay your regular monthly payment amount plus part of the amount you are behind, until you catch up. Please contact us to see if this option is available to you.

With a repayment plan you may be able to:

  • Repay the past due amount over time
  • Postpone foreclosure proceedings

To get started, call us at 800-797-6324. (Ask for the Collections Dept.)

Modify your loan

If your loan is past due, we may be able to work together to get your loan back on track.
The sooner we discuss your loan the better choices we may be able to offer you. Please contact us to see if this option is available to you.

If your home loan is past due, we may be able to:

  • Extend your loan term so that your monthly payments are smaller, but spread out over a longer period of time
  • Add your past due amount to your outstanding loan balance, so you can get back on track with your regular payments
  • Both of the above

To find out if these options are available for you, call us at 800-797-6324. (Ask for the Collections Dept.)

Forbearance

Forbearance is when we agree to postpone a pending foreclosure sale to give you an opportunity to temporarily make reduced monthly payments while we develop a long-term solution for you. We may be able to offer you a forbearance plan if you are experiencing a temporary hardship, trying to sell your home, or attempting to change the terms of your loan.

Please contact us to see if this option is available to you.

With a forbearance agreement you may be able to receive:

  • A short-term break from payments or reduced monthly payments
  • A short-term postponement of a foreclosure sale to work toward a long term solution

To find out if a forbearance plan is an option for you, call us at 800-797-6324. (Ask for the Collections Dept.)

Short Sale

Depending on your situation, selling your home may be the best option.
We may be able to accommodate a “short sale”, where you pay off most of your home loan.

Even if you owe more than your house is currently worth, a short sale may enable you to:

  • Control the timing and details of your home sale.
  • Control the timing and details of moving from your home.

To find out more about a short sale, call us at 800-797-6324. (Ask for the Collections Dept.)

See Also: Getting Help