There are alternatives to FORECLOSURE but you must take action immediately and
CALL US TODAY
. Call
800-696-8199, Option 4
to speak with a Loss Mitigation Specialist/Loan Counselor who can discuss your situation with you and may be able to help you avoid foreclosure.
Depending on your individual circumstances, you may be eligible for one of various repayment solutions, such as:
Repayment Plan: will bring your account up to date by spreading the delinquent payments over a period of time, usually no more than 10 months, by adding them to your regular monthly payment.
Loan Modification: will bring your account up to date immediately by adding past due interest and escrow payments to the unpaid principal balance and re-amortizing your payments over a new term; this is a formal revision to the terms of your original note and the amount of your regular monthly payment will change.
Short Sale: allows you to sell your home, using the proceeds to pay off your loan, even if the home's market value is less than the total amount owed on your loan. This solution avoids a lengthy foreclosure process and is generally less damaging to your credit ratings.
To determine your eligibility for any of these options, we may ask you to complete a personal financial statement and to provide documentation such as your two most recent bank statements and payroll stubs, your most recent income tax return, and your expectations for future income. We may also require access to your property to determine its current value.
You may wish to contact a
CREDIT COUNSELING AGENCY
to assist you. The Department of Housing and Urban Development (HUD) can provide you with the name and address of the local HUD approved counseling agency by calling their toll-free hotline at
800-569-4287
.
Keep in mind that any decision to offer a Work Out Option is made on a case by case basis; the decision is dependent on the information you provide us and such an offer is not guaranteed. It is, however, important that
you call us as soon as possible
.
Any existing foreclosure action will not be stopped unless a work out option is agreed to and finalized by all parties; all fees and charges incurred must be paid but may be included in the work out option.
Washington:
If your property is located in 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)