In the mortgage industry, hardship is defined as the reason why a homeowner is having difficulty making his or her mortgage payments, such as job loss, medical emergency, illness, divorce, etc. A hardship may be short term (less than six months) or long term (more than six months).
Unfortunately, in today’s economy, more and more people are experiencing a financial hardship and having difficulty paying their mortgage. If you find that you are struggling to meet your payments and concerned about falling behind, call us now—we’re here to help!
There may be multiple assistance options available to you if you are having difficulty paying your mortgage. Qualification depends on your financial situation and factors relating to your loan(s). For example, we may be able to modify the terms of your loan, potentially reducing your interest rate and thus your payment amount. If you are not able to keep your property, there may still be options available to you other than foreclosure, like selling your home for less than the balance owed or deeding your property to the loan owner, who may offer a cash relocation incentive and/or the possibility of a three- or twelve-month leaseback option at the current market rent rate.
Now that you have reviewed your options, take the next step. By contacting us and providing some basic information, we are able to help determine what options may be available for you. Once we review your options — together — and reach a decision on your course of action, you’ll need to make a formal request for help. Pull together information on your mortgage, income, and expenses, and complete the following initial documentation. Be sure to be as accurate as possible, as this is the information that we will use to evaluate your request.
For your convenience, we offer a number of options to send us your documentation:
As we review your request, we may find that additional supporting documentation is needed. Once your application for assistance is complete, we will conduct a thorough review of your information and make a decision as to whether we can offer you assistance. We will notify you of our decision with either a written offer or a denial letter within 30 days of our receipt of your completed application (including all required documents).Finding the best solution for your situation also may require us to:
Thank you for asking for assistance with your mortgage loan!