Having trouble paying your mortgage? Call us at 877-397-4409
You may have options:
| Options to Stay in Your House | Overview | Benefits |
|---|---|---|
| Refinance | Receive a new loan with lower interest rate or other favorable terms. | Lowers your monthly payment and/or improved your terms. |
| Reinstatement | Pay the total amount you owe, in a lump sum payment and by a specific date. This may follow a forbearance plan as described below. | Allows you to avoid foreclosure by bringing your mortgage current if you can show you have funds that will become available at a specific date in the future. |
| Repayment Plan | Pay back your past-due payments together with your regular payments over an extended period of time. | Allows you time to catch up on late payments without having to come up with a lump sum. |
| Forbearance Plan | Make reduced mortgage payments or no mortgage payments for a specific period of time. | Have time to improve your financial situation and get back on your feet. |
| Modification | Receive modified terms of your mortgage to make it more affordable or manageable after successfully making payments during a “trial period” (that is, completing a three- or four-month trial period plan) that approximates the modified payment. | Permanently modifies your mortgage so that your payments or terms are more manageable as a permanent solution to a long-term or permanent hardship. |
| Options to Leave Your Home | Overview | Benefits |
| Short Sale | Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth. | Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available. |
| Mortgage Release (Deed-in-Lieu of Foreclosure) | Transfer the ownership of your property to us. | Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available. |
To find out more about the options that may be available to you:
You can also get help from a HUD-certified housing counseling agency by calling 800-569-4287.
Washington Residents– Call the Washington Home ownership Hotline at 1-877-894-HOME (1-877-894-4663)