Based on your specific situation, our experienced team of counselors will evaluate options that may be available to you. Below is an overview of the most common workout options that you may qualify for:
Refinance: Receive a new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces your current mortgage and can help you lock in a low fixed rate. This is a good option if you have an adjustable rate mortgage or a high interest rate and have equity built up in your home.
Repayment Plan: A short term solution where you would resume your regular monthly payments, in addition to paying a portion of the past due payments. After you have caught up, you will return to just making your regular monthly payments.
Loan Modification: An agreement to modify the original terms of your mortgage. If you qualify, a modification may include reducing your interest rate, extending the term of your mortgage, etc.
Short Sale: A short sale may be appropriate if you can no longer keep your home and you owe more than your home is currently worth. We may be able to approve the sale of your property for less than full payoff of the loan to avoid foreclosure. However, typically you will still be responsible to pay the remaining balance of the loan.
Deed in Lieu: The homeowner voluntarily transfers ownership of the mortgaged property to the Bank in full satisfaction of the total amount due. This option avoids foreclosure proceedings and the associated costs.
For more information, visit our Mortgage Assistance & Repayment Options page.