Payment Trouble

Are you having trouble making your payments?

Provident Funding is proud to offer assistance and help borrowers stay on track with their mortgage. Below are the repayment solutions you may be eligible for.

A forbearance is a temporary postponement of your regularly scheduled mortgage payments. It can be a partial forbearance, in which you are still required to make a reduced monthly payment, or a full forbearance, where the entire payment is put on hold.

A forbearance is most helpful in providing temporary relief for sudden, unexpected hardships that are expected to be resolved in less than a year. A common example is a natural disaster, in which the property requires repairs, and there may be a delay in receiving insurance proceeds.
A repayment plan allows a borrower who has fallen behind on their payments to make an increased payment for a designated amount of time. The additional amount included with the payment goes towards the missed payments until the loan is paid current.

Repayment plans do not provide payment relief; however, they do provide a way to help delinquent borrowers become current without having to fully reinstate the loan in one lump-sum payment.

A repayment plan may be appropriate if you were unable to pay for a short period of time due to an unforeseen circumstance and cannot afford to pay all of the missed payments at once in order to bring the loan current immediately, but can afford a slightly higher monthly payment each month.
A loan modification brings your account current by adding past due interest and escrow payments to the unpaid principal balance and re-amortizing your payments over a new term, and results in a permanent change to one or more of the terms in your mortgage agreement.

In order to be considered for a loan modification, you must be able to document a qualifying hardship that has or will impair your ability to maintain the original terms of your contract over a long-term or permanent basis. You must also be able to document your ability to afford the new modified payment.

A loan modification may result in a temporary or permanent change of interest rate, an extension of your loan term, and/or an increase in the principal balance of your loan to account for any missed payments and arrearages. Certain government-backed loans may also be eligible for a principal forbearance. A trial period may also be required.
A short sale allows a borrower to sell their property even if the proceeds from the sale will not fully satisfy the mortgage debt.

In order to pursue a short sale, you must list your property with a qualified real estate agent and receive an offer from an unrelated third party. You may be required to make a cash contribution or sign a promissory note for all or some portion of the mortgage debt in order for the sale to be approved.
A deed-in-lieu of foreclosure is a last resort option in which you voluntarily sign over the deed to the property.

In order to be considered for a deed-in-lieu, you must first pursue a short sale by listing the property for sale at market value with a realtor for an extended period of time.

A deed-in-lieu of foreclosure requires a multi-step evaluation process including interior inspection of the subject property. For these reasons, a deed-in-lieu request must be made no less than 37 days prior to a previously scheduled foreclosure sale.

If a complete Mortgage Assistance Application with supporting documents is received less than 37 days prior to a scheduled sale date, we will be unable to accommodate a deed-in-lieu of foreclosure, but may be able to evaluate other alternatives to foreclosure.

Payment assistance options are determined on a case by case basis. To determine eligibility, you may be asked to provide documentation such as bank statements, pay stubs, income tax returns, and your expectations for future income. You may also need to provide us access to your property to determine the current property value. Any existing foreclosure action will not be stopped unless a workout option is agreed to and finalized by all parties. All fees and charges incurred must be paid but may be included in the workout option.


How to apply for payment assistance

Log in to your online account, select your loan, and go to the Forms page. You can download a Mortgage Assistance Application, complete the application and upload it directly to your account.

To discuss your loan status and available payment assistance options, call 1-800-696-8199 Option 4.

If you have already submitted a Mortgage Assistance Application, you can get status updates in real time on the Mortgage Assistance page in your online account.


Are you experiencing a hardship related to the COVID-19 outbreak?

If COVID-19 has caused job loss, income reduction, sickness or other issues, you may be eligible for payment assistance options, including a forbearance plan. Please read our COVID-19 FAQs and visit the COVID-19 Assistance page in your online account for further information.


If you would like to contact a credit counseling agency, call the Department of Housing and Urban Development (HUD) at 1-800-569-4287. HUD can provide you with the name and address of the local HUD-approved counseling agency.

Properties in New York City (New York, Kings, Queens, Bronx or Richmond Counties): Language access services, including interpretation and translation, may be available. Please notify us if you have a preferred language other than English. A translation and description of commonly-used debt collection terms is also available in multiple languages on the NYC Department of Consumer Affairs website, www.nyc.gov/dca.

Properties in Washington: If your property is located in the state of Washington, you may contact the Department of Financial Institutions, the Washington State Bar Association, or the statewide civil legal aid hotline for possible assistance or referrals at 1-877-894-HOME (4663).